Russia opening up a grain corridor for Ukraine?

Yesterday’s weakness in the overnight was reversed across the board as corn and wheat finished near unchanged. Then after the close there was news that Russia will open up shipping corridors for Ukraine ports to export grain and last night’s open was weak with corn 10 lower and wheat 20 lower. We will have to wait and see if this promise comes to fruition. None of the markets hit yesterday’s lows so there is support at these levels. Weekly export sales were really weak for corn but solid for soybeans. The corn did not drop on that news which gives us more confidence that grains are working on short-term bottom. Watch yesterday’s lows of 16.65 & 7.55 for July contracts.

NFC Grain Comments Options -5.26.22 (1)

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