Grain Markets Commentary
UBS buys Credit Suisse and Fed Meeting on Wednesday will highlight the week on the macroeconomic front
Corn and soybeans are weaker overnight as uncertainty lingers in the banking sector as many are waiting for the next shoe to drop. Commodities are taking a hit as money managers look to take some risk off the table in the short term. The Grain Corridor looks to be open for at least another 60 days, but Russia wants stipulations put on further extensions. They want Western sanctions removed from their exports in the next 2 months before they agree to another extension. We have multiple bearish factors weighing on prices. We have a Fed rate announcement on Wednesday as many wonder will the Fed continue to raise rates in the face of the issues in the banking sector or will they put a pause on hikes. We will also get a fresh estimate on Argentina production out of the Buenos Aries Grain Exchange on Thursday. Many think we are looking at 25 MMT for beans and 35 MMT for corn out of Argentina this year. For today, we will use 6.25 & 14.62 for support and 6.47 & 14.85 as resistance.