It was a strange trading day with twists and turns that were at a minimum, unusual:
Grains and oilseeds all closed higher overnight and then continued that trend in this morning’s open, with wheat again leading with double-digit higher gains.
There were new contract highs in SRW, HRW, Paris wheat and Malaysian palm oil. By contrast, feeder cattle and lean hogs opened lower.
By the end of the session, some had suffered whiplash as grains and oilseeds were all bleeding red while the livestock complex made notable gains.
The switcheroo was not too surprising when one considers the diverse interests, their motivations, and the underlying fundamentals. Let’s start with the outside money. L...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
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