Morning Comments Tuesday, March 21st:

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In the overnight trade we were lower overnight but as we came into the morning hours we are higher May corn is up 4’2, May soybeans up 8’4, as we move over to wheat Chicago May wheat up 2’4, KC May wheat up 8’6, Minneapolis May wheat up 5’4. We are seeing more strength coming out of the crude oil market. Crude is up $1.06/barrel. Just a few things that we see. Yesterday President Xi from China visited Russia. They are talking about putting in place a new land grain corridor project, and that is one where China will be supplied grain by Russia. Russia will be supplying grain to China more than before as a way to make sure China has the grain it needs. In addition we are seeing analysts cutting Argentina corn and soybean projection numbers .There looks like there should be rains through Argentina this week but what it sounds like if those rains miss it looks like we could expect some additional cuts down the road. China also did increase their imports of soybeans into China. Their forecasted number for the 2023 crop which is a positive sign. That will be the crop that is planted this spring.

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