Russian pulls out of grain corridor

Corn and soybeans both finished last week slightly lower last week but are trading higher this morning with Russia pulling out of the grain corridor agreement. At the morning pause, Chicago Wheat was up 45 cents, corn was up 13 cents and beans were up 7 cents, but all were off the overnight highs. The UN, Turkey and Ukraine are still supporting the grain corridor and anywhere from 18 to 40 ships are ready or close to ready to move out of Ukraine ports today. When you see Turkey continue to back the corridor deal it does not reflect well on Russia trying to bully the situation. We look for this rally to be muted and maybe the highs are in for at least the soybeans for this move and maybe corn has a little higher move today before backing off. For today we will be watching the overnight highs of 7.00 & 14.24 for resistance and 6.82 & 13.88 for support. NFC Grain Comments Options -10.31.22 (1)