Grain futures opened sharply lower Sunday night, recovered sharply to the day session, and gave it all up during the day. China headlines continue to swirl along with a volatile week ahead of us that we update you on.
Grain futures opened sharply lower Sunday night, recovered sharply to the day session, and gave it all up during the day. China headlines continue to swirl along with a volatile week ahead of us that we update you on.
Comments that Russia has agreed to continue the safe grain corridor were met with confusion today as further comments floated that just because the safe grain corridor is operational again, does not mean it will be confirmed to continue on the upcoming November 18 discussion date.
Grain will flow again today out of the Black Sea, as Putin received the assurances he will be fired upon from the safe grain corridor allowing grain again to move. This plummeted the wheat market the day while soybeans found support from an explosive veg oil market in the world.
Exports look to stop for a few days as farmers protest the presidential election, allowing soybeans to firm up and Malaysian palm oil making new five-week highs. Wheat prices tumbled in the morning on comments from Putin, which we will discuss, but firmed into the close is Argentina likely to slow their exports of wheat.
We explain in today's podcast why grain prices did not go limit up on Russia's news of abandoning the safe corridor.
Aggressive end-user buying going from famine to feast filling up Ben's, helped recover a risk-off selling in grain trade early this morning, with soybeans bolting $10 a ton lifting soybeans back to $14 on the January beans.
Lower Argentine wheat crop, Russian news troubling for safe grain corridor had helped grains advance this morning, but a resurgence in the US dollar took the bloom off the grain trade today.
The Bank of Canada did not raise interest rates as high as anticipated early today, which sent the US dollar sharply lower for the second day in a row, boosting commodities.
The Case-Schiller home index report showed the largest month-over-month drop since the housing crisis of 2008-2009. This sent the US dollar sharply lower in support of the grain complex for Turnaround-Tuesday did
Improving rains in South America and Pres. Xi being elected in China for a third term has grain futures lower as we get underway with this week's trading.
