New contract highs in corn and soybeans yesterday

Corn and soybeans put in life of contract highs in multiple contracts overnight before pulling back during the day session. Corn finished 10 cents lower while soybeans kept 20 cents of gains. Wheat dropped back yesterday on reports that SovEcon did not expect any major disruptions in Black Sea exports which eased short-term concerns for the Russia/Ukraine crisis. On the bullish side of things the Dollar index is trying to roll over from Friday’s spike high of 97.29 which was the highest level since late May of ‘20. If the dollar shows more weakness, it could be more support under the already high-flying corn and soybean market. We will see if new month new money pushes markets higher today. We have already had a turnaround late in the overnight session as corn finished up 4 cents and soybeans up 11 with March soybeans getting over 15.00. Watching 6.23 & 14.73 for support in March and 6.42 & 15.07 for resistance. NFC Grain Comments 2.1.22 (1)

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