Grain Markets Commentary
Soybeans weaker with China covid concerns and planters ready to roll in US
Soybeans were off 31.5 cents on Friday and lost another 22 cents overnight as worries about more Covid lockdowns in China as Beijing cases are supposedly rising and the Chinese government will implement widespread testing and possible lockdowns. This has crude and soybeans selling off. Corn is holding in well because even though the planters are getting ready to really roll the balance sheet is tight and you need all the intended acres and then some. There is nothing new on the Ukrainian situation over the weekend. Today we will watch the overnight lows in July of 7.81 & 16.59 for first support. We will get a fresh crop progress report this afternoon.