Railway strike averted with tentative agreement reached

Corn and soybeans are unchanged overnight after double-digit drops yesterday due to the looming railway strike on Friday but are unchanged overnight as a tentative agreement has been reached with the help of Washington. The labor unions still need to approve the new contracts but even if they are voted down it would push a possible work stoppage out another 30 days at least. We expect this to be supportive pricewise for the short term. We got our first look at export sales in a month and the cumulative sales for soybeans look good at 5.755 MMT while corn was less than stellar at 2.456 MMT over that time period. We will see if buyers want to hold these contracts into the weekend on the railway news or if the sellers will try to put more seasonal pressure on these prices. For today, we will watch 6.75 & 14.45 for support and 7.00 and 14.84 as resistance. NFC Grain Comments Options -9.15.22