Quarterly stocks surprise both ways!

Quarterly stocks report gave us surprises in both corn and soybeans. Corn stocks were cut to 1.377 billion bushels vs the average guess of 1.51 billion bushels and soybean stocks grew to 274 million bushels vs 242 million bushels guess. Corn rallied to 6.96 ¼ before being pulled down by the soybeans and finished 7 cents higher on the day. Soybeans broke and finished 46 cents lower at 13.84 ¾. The bottom line is we are now looking at a tighter corn balance sheet and a looser soybean balance sheet. We will see if soybeans can get competitive on the world market and see some more export business. The corn sheet is tight but you have to expect the USDA to continue to cut usage going forward. We are watching for anymore news out of Russia and the annexation issue. Opec+ is talking about cutting production up to 1 million barrels per day to prop up prices. For today, watch 6.71 & 13.60 for 1st support and 6.96 & 14.02 for 1st resistance. NFC Grain Comments Options -10.3.22

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