Grain Markets Steady Amid Crude Oil Surge
The grain markets are trading in a relatively steady manner this morning, with corn and soybeans favoring the upside but not moving significantly beyond their ranges from Friday.
The technical edge is currently held by bears in each market, but support could still spur bulls to make a stand. Meanwhile, the price of crude oil has risen due to the shutdown of a major Saudi pipeline, which may lead to output cuts if prolonged.
Senate Agriculture Committee Chair John Boozman plans to hold another committee vote this week on his stalled farm bill, aiming to push farmer-friendly policies forward ahead of the midterms. The package has stalled over Supplemental Nutrition Assistance Program (SNAP) cuts and the absence of recovering Sen. Mitch McConnell.