Grain Markets Commentary
Russians pulling back?
Corn and wheat rallied on the close with rumors of Russian invasion being imminent but we have backed off overnight as more news came out that they could be backing off. Who knows what the next chess move will be but it is not over yet. Better rains in ½ of Argentina dry areas in the 6-10 day but SW Brazil is still on the struggle bus. US attaché to Brazil is still at 134.5 MMT of soybean production which seems too high with the majority of groups being 130 MMT or below. Let’s watch 15.44 level in March soybeans which held this morning and then 15.32 below there. Corn support lies at 6.36 then 6.28. NFC Grain Comments 2.15.22