World: Afternoon grain highlights on 10.15.2024

Published Oct 15, 2024

Tridge summary

The grain markets experienced a downturn due to a combination of factors, including favorable global weather conditions, solid harvest yields in the Midwest, a rising US Dollar, crude oil selloff, and concerns about the Chinese economy. The situation was further exacerbated by the Washington Post's report that Israel may not target energy and nuclear infrastructures in its retaliation against Iran. Despite an announcement of export sales of soybeans and soft red winter wheat to China and Mexico respectively, key commodities like corn, soybeans, and wheat saw declines. The US Dollar strengthened, crude oil prices dropped, and the stock markets also suffered losses, while gold prices increased.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Highlights The grain markets couldn’t find a leg to stand on today as pressure came from all directions. Favorable weather outlooks around the globe, solid harvest yields for much of the Midwest, a rallying US Dollar, crude oil selloff, a questionable Chinese economy, unrest and uncertainty between nations…I’ll stop there. It was a down day. The crude oil market spread a negative tone across commodities again today after the Washington Post reported late yesterday that Israel is willing to avoid energy and nuclear infrastructures in their retaliation against Iran. Much more to still come from all of this. We did get an export sales announcement this morning for 131,000 MT of soybeans for delivery to China, and 120,000 MT of soft red winter wheat for delivery to Mexico. As of this writing, the U.S. Dollar is up 47 points, crude is down $2.90 at $70.91, the Dow is down 378 points, S&P down 50 points, and gold is up $12.00 on the day. Corn Corn is finding pressure from multiple ...

Source: Prairie Grain Partners