Shipment courier

Futures Brief: Maize Shipment Leaves Port; crude oil declines; The IRA moves forward | Local

A ship leaves Ukraine

After weeks of negotiations, the first shipment of corn finally left the port of Odessa, passed inspection and headed for Lebanon. The Russia/Ukraine/Turkey/UN deal that allowed the export should provide a safe corridor for shipments of wheat, corn and other agricultural products. These goods are destined for countries in desperate need of food since the war interrupted Ukrainian exports.

US grain futures initially fell on the news, but gained ground and rose sharply towards the end of the week. The rally was linked to Chinese purchases of US soybeans and concerns that continued dry weather could threaten yields. The grain shipment from Ukraine has impressed analysts, but many believe logistics and politics could further delay the need to move so quickly.

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

People also read…

No panda for Pelosi

The high-profile trip by House Speaker Nancy Pelosi further complicated the political climate. His trip, while receiving praise from American political parties and democratic nations around the world, drew anger and military threats from China.

On Friday morning, the Chinese banned Pelosi from traveling to their country and dropped missiles around Taiwan in retaliation. As our largest customer and trading partner for a myriad of commodities, the farming and financial communities will keep a close eye on these developments.

Gasoline, diesel slide

The decline in crude oil and its refined product continued at a rapid pace throughout the week. Even the rattle of the saber, which usually causes a rush to buy oil, couldn’t stop the sell-off of raw, unleaded gasoline from West Texas. September gasoline futures traded at $2.86 a gallon, while September crude oil fetched $89 a barrel.

Fund for Farmers

After a final tussle with Arizona Sen. Sinema, Democrats on Friday morning advanced a $300 billion bill to reduce inflation, help human health and fund climate-smart agriculture. About $21 billion of that amount is intended to reduce carbon emissions through carbon sequestration and other conservation efforts.

Answers to last week’s quiz

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

Opinions are solely those of the author. 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 solicitation of a market order to buy or sell.