Slightly lower overnight

Corn and soybeans continue to leak lower as the path of least resistance, but the selling has been somewhat muted so far. The mid 6.50’s has held in corn and soybeans have a ways to go to get to last week’s lows. There is some snow across the Midwest early week and Brazil is still in great shape while Argentina stress will start building again with less rain and higher temperatures. The Ukraine Grain Corridor Agreement ends on Saturday and while Russia has not agreed to extend the deal it looks like they will not hinder grain movement. Some bullish news, the USD has put in a new low for its move down to 105.34 the lowest it has traded since the middle of August. This coupled with the better rhetoric between China and the US after yesterday’s meeting between Biden & Xi that last three hours and was deemed very constructive. Mexico was in for corn and soybeans overnight. For today, watch 6.52 & 14.28 for support and 6.63 & 14.55 for resistance. Seasonally, we should see some strength in both corn and soybeans going into the turn of the calendar. We will be looking for levels to re-own if given the opportunity. NFC Grain Comments Options -11.15.22

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