Global oil prices went through the ‘buy the rumor sell the fact’ on the Iranian attack on Israel and now are still waiting to see what Israel’s response will be. Reports by the Israeli Defense Minister Yoav Gallant said that Israel would have no choice but to retaliate and reports that the ground invasion in Rafah southern Gaza will be put off until the Iranian response happens. This raises more questions than answers. Iran’s attack on Israel seems to have given Israel surges in international support even by Arab nations that are tired of Iran’s goal to disrupt peace in the region. Iran is the ..read more

WHEAT General Comments: Wheat was a little higher last week in response to the supply and demand reports that showed higher than expected ending stocks estimates from USDA and additional fighting between Russia and Ukraine. Trends remain mixed in all three markets. The problems with Russian Wheat exporters continue. The reports indicate that the government is seeking more control of the exports and has made life very difficult on the private exporters in an effort to extract more sales and powers to the government. Russia is the world’s largest exporter and sets the world price and prices rema ..read more

\ COTTON General Comments: Cotton was lower last week in response to the USDA reports and weaker demand ideas. The export sales report showed poor dales once again. USDA made no changes to the domestic supply or demand sides of the balance sheets, but did cut world ending stocks slightly. Trends are still down on the daily and weekly charts. Demand has been weaker so far this year. The US economic data has been positive, but the Chinese economic data has not been real positive and demand concerns are still around. However, Chinese consumer demand has held together well, leading some to think t ..read more

We kickoff the week with Fed Logan Speech at 1:30 A.M., Retails Sales MoM & YoY, NY Empire State Manufacturing Index, Retail Sales Ex Autos MoM, and Retail Sales Ex Gas/Autos MoM at 7:30 A.M., Business Inventories MoM, NAHB Housing Market Index,  and Retail Inventories Ex Autos MoM at 9:00 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., NOPA Crush Report at 11:00 A.M., Crop Progress at 3:00 P.M., and Fed Daly Speech at 7:00 P.M. Were starting off the week with soybean oil the strength of the grain complex. Events over the weekend have put wea ..read more

Wheat:   Wheat was a little higher last week in response to the supply and demand reports that showed higher than expected ending stocks estimates from USDA and additional fighting between Russia and Ukraine.  Trends remain mixed in all three markets.  The problems with Russian Wheat exporters continue.  The reports indicate that the government is seeking more control of the exports and has made life very difficult on the private exporters in an effort to extract more sales and powers to the government.  Russia is the world’s largest exporter and sets the world pr ..read more

Oil prices pulled back in an uneasy calm after Iran’s attack on Israel after oil traders hedged against the threat of an attack with record buying in crude oil call options. Israel said that 300 drones and missiles were launched but 99% of them were intercepted. Iran says it was a victory and they are done, but Israel says that they will respond to the attack “when the time is right”. Iran said they informed Turkey in advance of its planned operation against Israel, a Turkish diplomatic source told Reuters on Sunday, adding that the US conveyed to Iran via Ankara that its operation must be “wi ..read more

COTTON General Comments: Cotton was lower yesterday n response to the USDA reports. The export sales report showed poor dales once again. USDA made no changes to the domestic supply or demand sides of the balance sheets, but id cut world ending stocks slightly. Trends are still down on the daily and weekly charts. Demand has been weaker so far this year. USDA said that 10.7 on acres might get planted this year, from 10.2 million last year. It is too early to plant in The US economic data has been positive, but the Chinese economic data has not been real positive and demand concerns are still a ..read more

The International Energy Agency (IEA) is saying that the global oil market is undersupplied while the Biden administration is taking steps that may make it stay that way. The IEA once again is raising eyebrows with their latest monthly report on global supply versus demand. The IEA shows a global supply versus demand deficit while at the same time reducing demand expectations based on what they call a fading covid rebound and Electric Vehicle adaption. The IEA is predicting a global demand versus supply deficit with global demand at 103.2 million barrels and a global production at 102.9 millio ..read more

We kickoff the day with Export Sales, PPI MoM & YoY, Core PPI MoM & YoY, PPI, Initial Jobless Claims, Continuing Jobless Claims,  Jobless Claims 4-Week Average, PPI Ex Food, Energy, and Trade, and PPI Ex Food, Energy, and Trade MoM & YoY at 7:30 A.M., Fed Williams Speech at 745 A.M., EIA Natural Gas Storage at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., Crop Production, USDA Supply/Demand, WASDE, Fed Collins Speech, and 15 & 30-Year Mortgage Rate at 11:00 A.M., 30-Year Bond Auction at 12:00 P.M., and Fed Bostic Speech at 12:30 P.M. With Crop production, US ..read more

Global oil markets must decide whether they are more worried about inflation or global conflict. Oil prices fluctuated on the prospect of a widening war with new potential battlefronts in the Middle East, the ongoing war between Russia and Ukraine and surging inflation that could delay or indefinitely postpone interest rate cuts. monitoring amid ongoing uncertainties to ensure a sound and sustainable oil market balance they also are keeping their demand growth forecast for 2024 at a very impressive 2.25 million barrels a day,  The stakes are getting higher every day with lives, and sacred ..read more