Quiet on the Black Sea front.

Wheat was limit up yesterday with Russia bombing Ukrainian grain storage on the Danube River. These facilities were thought to be off limits due to the proximity to Romania, which is a Nato member nation, but Russia obviously trusts its guidance systems. This puts all Black Sea exports in jeopardy and that is what pushed wheat to limit up (+60 cents) and that pulled corn (+32 cents) with it. Soybeans (+23 cents) was supported by the rally but is more focused on the hot weather. The latest models have brought more rain into the end of the month to combat some of the heat. Corn conditions stayed unchanged and soybeans dropped 1% and both were within expectations, so they had no effect on the trade. Overnight we have had a bit of a pullback, but all markets are still well ahead for the week. For today, we will use 5.43 & 13.91 for support and 5.72 & 13.32 for resistance. NFC Grain Comments Options -7.25.23