Russia taking over exporting of grain

Cargill and Viterra pulling out of Russia looks to be a play by the Russian Government to Nationalize their grain exchange. Both Cargill and Viterra facilities will be staffed by Russian entities going forward. We don’t know if it will be seamless but overall less bullish the wheat market than originally thought. Weekly grain exports were lower than expected across the board so even with China buying a lot of corn the total was disappointing. More snow and cold temperatures in the Northern Plains has people talking about Prevent Plant already even before we get thru planting intentions. We should see some volatility tomorrow as the acres numbers usually miss expectations significantly and throw in the quarterly stocks with big questions about the feed usage and we could have some excitement for the end of the 1st quarter. For today, we will watch 6.40 & 14.58 for support and 6.55 & 14.87 for resistance. NFC Grain Comments Options -3.29.23

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