Wheat keeps working lower

Wheat is leading the way lower taking out all the positive price action of the Ukraine invasion. The “Grain Corridor” has been a tremendous success so far and the committee thinks they can continue to ramp things up. Russia has a bumper crop but has had trouble keeping export pace thus far as they are 28% behind last year. They continue to load wheat so even if it is slow it is moving. World stocks are tighter according to last week’s WASDE report but price action has not improved. Continued negative action could hold corn down in the short run. The weather remains mild but rains are missing the Dakotas and Nebraska. For today we are watching 5.99 and 13.72 for support. NFC Grain Comments Options -8.18.22 (1)