3/13/2023

Russia is not against an extension to the Black Sea grain deal but only for 60 days. The current deal that allows agricultural products to be exported from Ukraine's southern Black Sea ports is set to expire on March 18. Russia signaled it will be only agree to the deal if restrictions on its own exports are lifted.  The Weekly Grain Export Inspections report this morning showed 39.3 million bushels of corn inspected for export during the week ending March 9. This is slightly better than 36.9 million bushels shown last week.  Soybean export inspections totaled 22.7 million bushels compared to 20.2 million bushels the prior week. Corn futures tried to trade higher this morning, but was met with fresh selling interest. Corn futures have now fallen to their lowest level since harvest and removed nearly all risk premium. The corn complex is technically oversold but the path of least resistance in lower.  The gap at 5.95 May futures I believe is still the target on this move.  Beans feel like they want to test the 14.77 May futures lows from the 1st of the month.