Ukraine and Weather still!

Last week, Corn and soybeans put together positive weeks with weather and daily military engagements with Russia and Ukraine kept the bulls optimistic and the short players nervous. On the last Commitment of Traders Report, Funds bought 16K corn and 13K soybeans which left their net positions at short 46K corn and long 96K soybeans. There was likely some more buying to finish the week that will follow this week. It will be hard for the market to break with crops under stress across the Corn Belt this week. Russia continues to punish Ukrainian storage facilities and struck storage facilities along the Danube River overnight. This not only takes Ukrainian exports off the market but puts Russian wheat exports in danger as well. We look for an extension of prices action to the upside early this week but could see some exhaustion later on. For today, use 5.41 & 13.91 for support and 5.63 & 14.28 as resistance. NFC Grain Comments Options -7.24.23

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