UN reports positive talks to extend corridor deal

Corn finished lower yesterday while soybeans were close to unchanged. Overnight both were a little lower as wheat fell back on news from the UN that a meeting in Moscow to discuss extending the grain corridor agreement went well. The UN and the world wants Russia to be able to export fertilizer and that gives Russia some leverage in negotiations. There was another stoppage on the Mississippi River yesterday near Hickman, KY for dredging. The initial queue of vessels was not big but have not heard any news this morning. The week out forecast has good rains for the Mississippi Valley and will hopefully come to fruition and ease the low levels. Inspections yesterday were good for soybeans and weak for corn and wheat. China took a 1.35 MMT of soybeans but only 142K tons of corn. The export market for soybeans looks a lot better than corn right now and with big crushes that balance sheet should remain tight to finish the year. For today, we will watch 6.77 & 13.75 for support and 6.96 & 14.02 as 1st resistance. NFC Grain Comments Options -10.18.22 (1)

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