Putin’s threats to Ukraine’s exports dominated yesterday’s trading, together with concerns about macroeconomic contraction, but both issues were somewhat muted today. The ECB raised interest rates 75 basis points, the largest increase in 23 years, but impressions remold into believing central bank concerns are rooted in economic growth that is fundamentally expansionary. In a similar vein, Ukraine’s grain exports may continue if the White House is correct in asserting that the grain export corridor is not falling apart and is having its intended effect. However, it seems unlikely that Putin is in a generous mood while Ukraine presses a counter-offensive. Ukrainian exports will be reduced no matter what.
Trade esti...
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...
