Friday 3/24/23: Again, Again, ...China in overnight buying 204,000 mt more US corn.  The big news behind the sudden rally (up 35c) early this morning is that Russia is rumored to be halting wheat export sales and sunflower. They also said they may extend measures restricting fertilizer exports until November. This may end up being a bargaining ploy and fake news, so the continued headline risks for both the Grain corridor and War should be seen as selling opportunties.

France is on fire across the country over protests about the higher retirement age. The US and EU banking systems are in trouble and it is starting to feel like 2008 with five bank failures in less than a month and now Deutsche Bank crumbling. Also, the US just announced that they are investigating Credit Suisse & UBS for violating Russian Sanctions.  

This is a rally worth selling. -Randy

Update: 8:22 AM  - New headline broke from Reuters that Russia has no plans to halt wheat exports and commercial grain traders sold the rally hard. Wheats are now 25c off the recent highs and falling.

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