Prices bouncing back overnight

Corn and soybeans are higher overnight after pulling back yesterday post Putin’s announcement and the Fed raising rates another 75 basis points. The Fed Funds rate is now 3-3.25% and they gave guidance that they will get the rate to 4-4.25% by year end. The stock market backed off after the announcement while the USD remained strong and is hovering around 20-year highs. The hawkish tone had commodities backing off along with stocks, but this morning stocks, oil and commodities are higher in the overnight session. Weekly export sales were beyond disappointing across the board. Corn was only 182K tons and soybeans clocked in at 446K tons. This could lead to some pressure to start the day session considering markets are already worried about the demand side of the ledger. So today, we are watching 6.70 & 14.45 for support and 6.88 & 14.88 for resistance. NFC Grain Comments Options -9.22.22 (1)