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Crude Jumps with Gulf Turmoil
Both West Texas and Brent Crude rose sharply all week as Houthi and regional attacks in Saudi Arabia and the Persian Gulf raised fears of global supply disruptions. Expectations of U.S. military strikes on Iran and rising tanker rates also fueled the rise. West Texas crude was up roughly $5 per bbl on the week.
Turn Brown Fields into Green?
CoverCress is a winter oilseed crop suddenly receiving attention from U.S. wheat farmers whose costs have risen and exports declined. It was created through plant breeding and gene editing applied to field pennycress, a native winter weed in the Midwest. It functions as a crop cover to protect against soil erosion and improve soil organic matter on fields which are, otherwise, bare in the winter. At the same time, it provides a harvestable oilseed product and another source of income. No special equipment or machinery is needed to plant or harvest the crop. The grain oil is used as a feedstock for renewable diesel and sustainable aviation fuel. The crushed meal provides feed for livestock and poultry.
Unwelcomed Screwworm in US Southwest
Livestock industry worries jumped Wednesday with confirmation of a New World screwworm case in the US. The screwworm, a flesh-eating parasite, was detected in an elk on a private game ranch in Pecos County, Texas. The discovery raises tensions for ranchers, farmers, hunters and state agencies to keep the parasite from gaining ground in herds across the Southwest. The worm poses no direct danger to humans but could create a threat to our ranchers whose herds are already at very low levels.
CME midday prices - November Soybeans, $12.58; December Corn, $4.57; December Wheat, $6.26. Livestock per 100 pounds: December Cattle, $231.25; December Hogs, $65.50. Metals per troy ounce: December Gold, $4,010; December Silver, $54.10, December Copper per pound: $6.50. December Crude oil per barrel: (WTI) $103.50. September S&P futures traded at 7668.
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Walt Breitinger is a commodity futures broker in Indiana. He can be reached at 800-411-FUTURES (3888) or www.indianafutures.com.
Pinion Futures, LLC, a CFTC registered Introducing Broker and NFA Member (NFA #0284447,) is a fully owned subsidiary of Pinion Risk Management LLC. Information contained herein is believed to be reliable but cannot be guaranteed as to its accuracy or completeness. Futures and options trading involve substantial risk of loss and is not suitable for all investors.