Ukrainian Corridor is on auto-renewal. The Ukrainian export corridor is back on approval and now runs to March 19. This will allow the USDA to adjust Ukraine export estimates upwards, which of course, will affect US corn exports in an almost inverse amount. December 9 is the next chance for WASDE to work with carryouts….
Spec trade: Buy 2 Jan Micro-crude oil at 80.15 GTC with stops on all 4 at 75.90. Friday/Monday is the next change in trend date. The 78% Fibonacci retracement is near 80.00.
Ukrainian Safe Grain Corridor is renewed. Grain markets tumbled in the early morning hours as newswires reported that all parties involved in the Black Sea Export corridor have allowed it to extend for 120-days automatically. The original deal is renewed, so the corridor will only cover the same three ports in Ukraine, and negotiators were…
Ukrainian air defense missiles were to blame from Poland strike. Grain futures tumbled overnight, giving back the explosive rise that was created late in Tuesday’s session on fears Russian missiles landed into Poland, killing two civilians, and would trigger a NATO response. It’s been reported overnight that the missiles that caused the damage were Ukrainian…
Safe Grain Corridor appears on track for an extension. Grain futures were lower/sharply lower overnight when in the early morning hours, Bloomberg news reported that Russia would extend the Ukraine Grain Export Corridor. They will do so once they see assurances and actual progress that US/Europe will lift sanctions on the Russian state bank, Rosselkhozbank,…
Grain trade softens overnight on Brazilian rains and grain corridor news. After a firm start overnight in soybeans, the overall grain trade mainly turned lower on the improved moisture prospects that occurred over the weekend for Brazil at the end of this week. It’s becoming a likely scenario that the continuation of the Ukraine export…
China does loosen Covid policies. Grain futures recovered sharply overnight along with additional strength in energies, metals and equities as China did move to slightly modify its Covid rules. After denying rumors since last Friday, China moved forward to shorten the quarantine time by two days instead of the present five days for close contacts…
The CPI comes in a touch lower, dropping the US dollar value. Overnight weakness in commodities was erased this morning as the CPI, which came out at 7:30 a.m., was considered friendly for risk-on and a negative price reaction for the US dollar. The US dollar is down 1.88 at 108.64 after the data release….
USDA Report Report was slightly negative to pre-report estimates on yield, while slightly friendly to corn on carryouts. World wheat and soybeans were also higher than expected on ending stocks.