US fuel prices are on the rise and part of it is due to energy policy. If true then this is a supply issue. If policy is written in stone inflation is structural. If policy can change the inflation could be structural
The US may already be in a recession, energy prices are bullish due to declining refinery capacity, and row crops are heading for summer weather markets
Quarterly stocks came in as expected, soybean acres were a bullish surprise, but that couldn’t stop the selling in corn, wheat, and soybeans
The markets sold off this week due to fears of higher interest rates that may cause a recession
Recession Fears Weigh On Markets
The USDA’s Jun WASDE report was mostly neural for corn, wheat, and soybeans.
Grain & Oilseed Selling Pressure Mounts
Talks between the UN and Russia about a “grain export corridor” brought wheat prices down this week. We are skeptical a deal gets done based on how Russia has conducted itself with the war and their stance on suppling energy to Europe.
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The USDA’s May WASDE was bullish for wheat and corn