03/14/23 Grains Soft Again as Bank Crisis Fallout Worries Persist

On The Grains: Overnight grains tried to mount a modest rebound but as this goes to press they are weaker again. Lower prices in palm oil and crude are again pressuring soy oil on macro-economic worries. (Natural gas is a notable exception in the energy complex, moving higher yesterday and again overnight.)   Weekly export inspections were uneventful for corn and beans, both well within the range of expectations. Wheat was sour, falling just under the very lowest of expectations. Ironically, wheat was the only one of the three that managed to close in the green yesterday, even with Russia agreeing to extend the safe corridor deal out of Ukraine for another 60 days. (In overnight news, Ukraine disputes that new limit and says it will operate on current language extending the deal for 120 days unless Russia specifically halts it.)   Credit fund short-covering in Chicago wheat for yesterday’s gains in wheat.  The COT report showed funds extremely short Chicago wheat while only modestly long KC and MGE wheat. In other news, there are already some worries developing about delays in spring fieldwork for the northern Plains where snow depths up to 20 inches are widespread.   Stock markets…