Grain Markets Commentary
Ukraine stored grain looks to remain locked down
Soybeans got back to work yesterday after taking Wednesday off putting 45 cents on in July and settling at the highest level since 2012. Corn dropped 7.5 cents as rumors a big fund was unwinding a short soybean long corn position. On the global scene, Russia is looking for the West to drop economic sanctions before they will participate in any kind of humanitarian relief by allowing exports out of Ukraine. Putin maintains a self-serving stance and there is little reason to believe that will change anytime soon. Today we are watching 7.55 and 16.98 for support in July contracts.