Grain Markets Commentary
Sellers try again overnight.
Grains and oilseeds rebounded off the lows yesterday finishing 10 cents and 25 cents respectively but sellers showed up again overnight dropping prices 6 cents in corn and soybeans by 7 cents. Weekly export sales were strong and better than expected for soybeans. China was the main buyer of both taking over 1 million metric tons of each. They are securing food with all the uncertainty that is going on in the world. Prices have yet to ration demand as basis stays firm across the countryside even for new crop in many places. Look for buyers to show up again if sellers try to get aggressive on the open. Watch 7.92 & 16.88 in the July contracts. NFC Grain Comments 4.21.22