More to Come Russian President Vladimir Putin said he would not invade Ukraine and there was a whole dialogue around the meaning of invasion versus incursion, and the limits of responses to nuanced aggressions. Commodity markets reacted today based on future price impacts, and the rally looks like an expectation that Moscow will not settle for mere control of the Donbas. This was made clear by the speech yesterday by Vladimir Putin, which was filled with grievances that can only be resolved by bringing Ukraine back into the Russian fold. Once he has control of Ukraine’s Black Sea ports, grain can still flow but aggrieved Ukrainians may not feel the same ambition for producing buffer crops. The Biden Administration continues to attack...
Accountability and a comprehensive approach to export programming
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What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...