Commodity markets were expected to mimic the risk-off mentality of today’s financial markets and that was true until USDA’s June WASDE report was released. The financial markets fear a reprise of COVID. Chicago opened lower amid reduced corn use for ethanol and more soybean exports by Brazil versus the U.S. By contrast, wheat was thought to have lots of global weather concerns. All of that was turned on its head after the report. The forecast for much lower soybean ending stocks in 2020/21 was a surprise, and the wheat numbers were bearish. The market responded rationally. Nowhere did futures end the day contrary to the consensus report number and the expectations leading up to the report (see table below).
This was ju...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
Russian Grain Markets: 29 June-3 July 2026 The new marketing season has officially begun in Russia, although bearish sentiment has been concentrated in the southern regions closest to the Black Sea ports, where export demand has been weakest. Delays in grain deliveries to inland elevators have...
