Russia keeps up the shelling, but grains are wait and see.
Corn and soybeans followed wheat higher yesterday due to heavy Russian shelling in parts of Ukraine over the weekend. The heavy shelling continued overnight but now the grains are in a wait and see mode as they all have backed off a bit in the night session as it is hard to quantify. The 3rd largest railway union rejected the current contract offer from the rail carriers citing multiple issues with off days. This opens up a possible strike on Nov 19th if negotiations do not go well between now and then. Crude has also backed off from yesterday’s highs of 93.64 per barrel to go back below 90.00. So, we have bullish news out of Ukraine and bearish news from logistics and crude while the dollar trades around 113.00. For today, we will watch 6.85 & 13.60 for support and 7.06 & 14.02 as resistance. NFC Grain Comments Options -10.11.22