Soybeans are backpedaling

Grains and oilseeds finished slightly mixed yesterday after falling well back from a nice rally they had from the previous night session. The USD had fallen back early morning yesterday before rebounding and putting in new high last night at 14.79. This obviously puts a big headwind in front of exports that have been lagging on the sales side in recent weeks and expections have been slow as well even though we have a good book of sales for soybeans already. Argy’s soybean peso play brought a lot of beans to the market so maybe once those get shipped it may swing back this way. In some bullish news, it looks like the referendums will pass for Russia to annex the 4 occupied territories in Ukraine. Putin will address Russian Parliament on Friday and as we wait on responses from the West. This should keep a firm tone under the wheat and corn market. Today watch the overnight lows of 6.61 & 13.92 for support and 6.78 & 14.25 for resistance. The soybeans are on soft footing and could run to 13.85 then 13.65. NFC Grain Comments Options -9.28.22 (1)