Crude Oil
Mike Minor of Professional Ag Marketing says grains saw technical buying on Tuesday while livestock fell with the financial markets on the conflict between Iran and Israel and a flip flop on ICE raids in packing plants.
Darin Newsom, senior market analyst with Barchart, says grains are slightly higher Tuesday morning. While outside markets are reacting to the conflict between Israel and Iran.
The energy market are under pressure from a perfect storm of supply increases, economic anxiety, and evolving geopolitical shifts.
Darin Newsom, Sr. Market Analyst with Barchart says some of the early support in the grain markets Friday morning is coming from strong export demand.
Dave Chatterton, Strategic Farm Marketing, says soybeans saw profit taking with better than expected ratings, reigniting fears of higher yields in the September WASDE. Corn saw spillover from lower soybeans and crude oil.
Garrett Toay, AgTraderTalk, says bearish outside markets spilled over to cause risk off selling in grain and livestock futures Friday, but grain markets says some profit taking and positioning ahead of the WASDE.
Darin Newsom with Barchart says grains have had a good run on fund short covering and will need some new bullish news to keep going and get above chart resistance.
As brent crude futures soar toward $100, it’s creating a new battle in the Federal Reserve’s effort to fight inflation. One money manager warns another rate hike is likely.
“A lot of people looked at the smaller landlocked crush facilities and said, ‘Does that make sense?” I think those locations will go away, and I’m not sure they should have been there to begin with,” Fife says.
The license would still bar Venezuela’s PdVSA, the state-owned oil company, from receiving any profits from the oil sales in the joint venture with Chevron.