The Black Sea corridor is operational again. Good morning to another headline day, when at 5:00 a.m., the wheels came off the grain rally as Russia announced it would resume participation in the Black Sea export corridor. It’s reported that Russia’s Defense Ministry received a written guarantee from Ukraine stating the corridor would not be…
Brazil roadblocks and Putin comments influence night trading. Grain futures were mixed overnight, with wheat and corn moving lower on comments from Pres. Putin that the grain corridor was “suspended, not canceled.” This created confusion which immediately brought about selling despite crop ratings for the winter wheat crop at 28% GD/EX, below the 40% estimate….
Wheat futures lead price gains overnight. Grain futures moved higher overnight as expected but did not go limit bid on wheat, with corn and soybeans reflecting a higher move on the spread pull of wheat on protein values. Unlike February, the world has some experience right now with the war in the Black Sea, and…
Risk-off ends the week in commodities and equities. Grain futures drifted overnight as the US dollar firmed, causing further selling and risk-off in equities, energies, and metals. The September core PCI price index came in stronger than expected, with risk-off trading continuing in equities, metals, and energies. Harvest pressure continues to be noted as we…
Wheat leads the overnight grain advance. Grain futures are higher overnight, led by the wheat market, as concerns about the extension of the Black Sea corridor. Russia’s state Duma stated, “it does not consider it expedient to extend the grain deal without more closely monitoring the destination of Ukraine’s grain shipments.” Russia’s primary issue is…
The US dollar extends its correction. Follow-through weakness on the US dollar overnight to critical support lifted ags, energies, and metals overnight, with soybeans getting the best of it as rains in the southern portion of Argentina were welcomed. Still, the northern producing areas were left arid and look to stay that week for the…
