Wheat rallies on Black Sea concerns

Corn and soybeans are higher overnight shaking off the weakness to end last week. Crude oil futures have moved lower and is trading almost $10 off the highs and this had traders thinking the grain markets would follow but that has not happened yet. The margins for soybean crush and ethanol grind are still fantastic and $75 oil will still support those margins. Russia has stationed troops along the Ukrainian border which brings obvious concerns to the worlds wheat exports in an already tight market. The major exporters are at 9-year lows for inventory and Australia is battling rains during harvest. So we will be watching the wheat market this week for clues to the overall market movement. NFC Grain Comments 11.22.21 (1)