More China tensions over Taiwan visits

More soft pricing overnight after a negative day on Monday. Crop conditions dropped 1% for both corn and soybeans, which was better than expected for corn and inline for soybeans. The market took this as bearish news but the biggest drops in condition were in IA, SD and NE in both corn and soybeans. To us that should be supportive with the amount of corn and soybeans grown in those states vs the states that propped the ratings up. Perhaps the China/US tensions over Taiwan is the overriding factor to start the week. A second delegation of US lawmakers landed in Taiwan on Sunday led by Senator Ed Markey. The stop was part of a bigger Indo-Pacific trip. China retaliated with more military maneuvers that were unscheduled. In other news, 21 ships carrying 563K tons of grain have left Ukrainian ports in the 1st half August according to the Joint Coordination Centre. This must be deemed a success so far but there is the underlying feeling that Russia could close the corridor an anytime. For today we will watch 6.16 ΒΌ and 13.86 for first support. NFC Grain Comments Options -8.16.22 (3)

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