Energy markets are recovering after 9-month lows earlier in the week as supply disruptions due to Hurricane Ian get worked into prices. However, the macroeconomic markets and geopolitical news are also being traded. Michelle Rook gets an update on what this means for agriculture with John Wenzel, energy expert with Stone X.
Energy Markets Continue Higher Working in Hurricane Disruptions and Geopolitical Developments
Energy markets are recovering from 9-month lows on supply disruptions due to Hurricane Ian. However, geopolitical news is also a driver. Michelle Rook gets an update with John Wenzel, of Stone X.
September 28, 2022 11:40 AM
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The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
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