Geopolitical headlines sparked technical buying in grains and crude oil today, including Russia’s oil production cut. New contract highs in soybean meal due to Argentina production concerns and talk of China soybean business also fueled the soybean rally. Will it continue into next week? And what about future Fed rate hikes? Tommy Grisafi of Advance Trading covers all these topics.
SA Crop Concerns, Geopolitical Headlines Drive Rally in Grains: Including Russia’s Oil Production Cut
Geopolitical headlines sparked technical buying in grains and crude oil today, including Russia’s oil production cut. Argentina crop concerns push soybean meal to new highs. Tommy Grisafi of Advance Trading has more.
February 10, 2023 01:55 PM
Related Stories
Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
Read Next
As producers navigate financial strain and D.C. disconnect, realities such as steep input costs, trade frustrations and E15 limbo are becoming decisive factors shaping the rural vote.
