Russian annexation votes have grains supported

Grains and oilseeds have bounced overnight taking back most to all of yesterday’s losses. The USD has backed off its overnight high and crude oil & stocks are green as well. The annexation referendum votes should be finishing up today and we all expect them to pass. Putin is expected to officially announce control of those occupied territories by Friday. This should keep support under the corn and wheat markets for the short term until we see the UN’s reaction. We expect today’s bounce to likely hold unless we see the USD run back to its highs around 114.50. For today, 6.62 & 14.05 are first support and 6.88 & 14.55 for resistance. NFC Grain Comments Options -9.27.22