Not as cold this weekend?
The cold temperatures forecasted for the weekend have come up a little in the overnight runs and that has the wheat contracts backing up double digits. Still a possible freeze risk but the temperatures are predicted in the mid to low 30’s vs the 20’s. In other bearish news, Ukrainian ship inspections have resumed after 2 days of delays blamed on Russia. Crude oil has pulled back below 80.00 a barrel overnight and the USD is trying to rally so a couple more factors weighing on price in the night session. Corn and soybeans are slightly lower in response, but both have technical support above 6.37 and 14.75 which we will use as support this morning and, on the upside, we will look at 6.50 and 15.00 as resistance. In more friendly news, May/July spreads are firm as the inversion and strong basis are calling for producers to sell old crop corn. Still looking for an extended rally for adding new crop hedges. NFC Grain Comments Options -4.19.23