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Morning Wire
A US wheat futures rally incited by reports of Odessa LDC Black Sea port damage from a Russian missile faded by the overnight close.
A quiet overnight. UC CPI number was as expected, macros and ags were quiet markets overnight.
Mixed overnight with soybeans cratering lower once again
Lower overnight ags. New contract lows for row crops and near July lows for wheats despite the US crop report looming midday today.
Ags rally overnight independent of quiet macros other than crude up a bit. Not too much news to support this rally, potentially its shortcovering ahead of the Monday USDA crop report.
Very slightly higher in row crops, slightly higher in wheats overnight. Yawn. Macros continue to erase some of the big moves from earlier this week and stabilize.
Higher wheats overnight on the Egypt and Algeria tenders, lower row crops. Beans testing 2024 lows.
Macros on slight to moderate reversals overnight, US and world ags mainly lower but not into new lows with a few exceptions.
Macro hysteria on world recession fears sends ags generally lower overnight, but not quite low enough yet to be technically bearish.
A US wheat futures rally incited by reports of Odessa LDC Black Sea port damage from a Russian missile faded by the overnight close.
A quiet overnight. UC CPI number was as expected, macros and ags were quiet markets overnight.
Mixed overnight with soybeans cratering lower once again
Lower overnight ags. New contract lows for row crops and near July lows for wheats despite the US crop report looming midday today.
Ags rally overnight independent of quiet macros other than crude up a bit. Not too much news to support this rally, potentially its shortcovering ahead of the Monday USDA crop report.
Very slightly higher in row crops, slightly higher in wheats overnight. Yawn. Macros continue to erase some of the big moves from earlier this week and stabilize.
Higher wheats overnight on the Egypt and Algeria tenders, lower row crops. Beans testing 2024 lows.
Macros on slight to moderate reversals overnight, US and world ags mainly lower but not into new lows with a few exceptions.
Macro hysteria on world recession fears sends ags generally lower overnight, but not quite low enough yet to be technically bearish.
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