Yesterday’s news was good for a market wanting lower interest rates to boost economic activity. The stock market was strong as it should have, but crude oil was weak despite the improved economic outlook as Russia is “set” to reduce its crude oil export duty by 5.7%, Bloomberg reported on Wednesday afternoon. The new duty, starting in December, is “set” to the equivalent of $3.37 per barrel or $24.7 per mt. Grains probably suffered a profit-taking spree triggered by predictions of rain in the dry areas of Brazil next week.
Highlights
Nearly 50% of Brazil's main soybean and corn production region is being impacted by the hot and dry conditions while around 25% of the crop area in southern Brazil continues to receive excessive and heavy rains.
The NOPA soybean crush for October was a new record for any month of any year at 189.77 million bu of soybeans, 2.9% more than what was crushed in October 2022. Despite crushing more beans than ever before, soy oil inventory dropped for the 6th consecutive month and is the lowest inventory in 9 years. December 2021 held the crush record at 186.4 mil. bu. To learn all about the NOPA, go to: