LATEST NEWS Boat full of corn husks Ukraine

Boat full of corn husks Ukraine

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August 6—After weeks of negotiation, the first shipment of corn finally left the port of Odessa, passed inspection, and headed for Lebanon. The agreement between Russia, Ukraine, Turkey and the United Nations allowing the export is expected to provide a safe corridor for shipments of wheat, corn and other agricultural products.

Those goods are destined for countries that have become desperate for food since the war shut down Ukrainian exports.

Traction in US grain futures fell initially on the news, but gained and rose sharply towards the end of the week. The rally was linked to Chinese buying of US soybeans and fears that dry weather will threaten yields. The grain shipment from Ukraine impressed analysts, but many believe logistics and politics could still delay the need to move so much so quickly.

On Friday afternoon, corn for December delivery traded at $6.10 a bushel. September wheat sold for $7.76. September beans were $14.62, down about 40 cents for the week.

No Panda for Pelosi

Further complicating the political climate was the much-publicized trip by House Speaker Nancy Pelosi. Her trip, while drawing praise from both American political parties and democratic nations around the world, drew anger and military threats from China.

By Friday morning, the Chinese had sanctioned Pelosi for visiting their country and launched missiles around Taiwan in retaliation. As they are our largest customer and trading partner for a myriad of commodities, the agricultural and financial communities will be closely monitoring these developments.

Gasoline and diesel skidding accelerates

The drop in crude oil and its refined product continued at an accelerated pace throughout the week. Not even saber rattling, which normally sparks a rush to buy oil, could stop the sell-off of West Texas crude and unleaded gasoline.

September gasoline futures traded at $2.86 a gallon, while September crude oil brought in $89 a barrel.

Reduction Law Includes Funds for Farmers

After a final fight with Sen. Kyrsten Sinema (D-Arizona), Democrats moved forward with a $300 billion bill early Friday that aims to reduce inflation, help human health and finance agriculture climate-friendly. intelligent.

Roughly $21 billion of that is slated to reduce carbon emissions through carbon sequestration and other conservation efforts.

Answers to last week’s commodity quiz

The seven nations bordering Ukraine, listed with their respective leaders, are Russia, Vladimir Putin; Belarus, Aleksandr Lukashenko; Poland, Andrzej Duda; Slovakia, Zuzana Caputova; Hungary, Katalin Novak; Romania, Klaus Iohannis; Moldova, Maia Sandu.

Opinions are solely those of the writer. Walt Breitinger is a commodity futures broker in Valparaiso, Ind. He can be reached at (800) 411-3888 or www.indianafutures.com. This is not a request for any order to buy or sell any market.

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