Futures and options trading involves risk of loss and is not suitable for everyone.
🌾 Wheat futures hit a 3+ year high Friday as Dec26 Chicago wheat jumped ~23¢ to $7.84/bu and KC wheat rose ~22¢ to $8.44/bu. Escalating Black Sea military tensions between Russia and Ukraine keep fueling the rally, with Turkey now trying to broker a shipping agreement between the two sides.
🌽 Corn futures also climbed, with Dec26 up 3¢ to $5.37/bu on tight US yield concerns and strong demand. Restricted Ukrainian exports are adding extra support to the market.
🌱 Soybeans joined the rally too, with Nov26 gaining 20¢ to close at $12.88/bu. Fresh flash sales to China and other buyers helped keep momentum going.
📊 CFTC's Commitment of Traders report showed big money managers piling into grains last week, buying 136k corn, 49k soybean, and 12k SRW wheat contracts. The corn net long position has surged to an estimated 379k contracts — rare, historically elevated territory for the fund community.
🛢️ The Trump administration struck a major oil deal with Venezuela, gaining US access to 17 oil fields with ~65 billion barrels of potential reserves. The deal could draw $100B in investment, though relief at the pump isn't expected anytime soon given infrastructure and political hurdles.
🥩 Trump also announced plans to let cattle producers process their own beef, aiming to loosen the Big Four meatpackers' grip on the industry. Critics note the move likely won't meaningfully shift the broader beef market and raises food-safety concerns tied to bypassing USDA inspection.
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