Grain Markets Commentary
Prices soften on Global issues while weather remains threatening
Corn and soybeans gave back a chunk of last week’s gains with concerns over Speaker Pelosi’s trip to Taiwan this morning. China has threatened retaliation if she visits Taiwan so we will find out soon and the soybeans are taking the brunt of the pressure. The 1st ship left Ukraine yesterday filled with corn and the plan is to move 1 to 3 ships a day on a test basis for now. High temps remain in the forecast for this week and next with rain in the ECB but little in the WCB. Euro-model has some better rains over the weekend and next week for Iowa so we will keep our eyes on that forecast. Crop conditions were steady for corn and up 1% for soybeans. For today, watch 588 for Dec corn support and 13.85 for November soybeans.