Tidbits, Corn, Tariffs, Ukraine, Crop Conditions, ENSO, Export Inspections 7/15/25
- Wright team
- 2 days ago
- 4 min read
Tidbits
Yesterday’s new crop corn futures price action was technically significant. For example, December corn made new contract lows and then traded higher than Friday’s high and settled even with Friday’s high. If it had settled higher than Friday’s high, that would have been a trend changing indicator called a “key reversal.” If December corn had closed just under Friday's high, that would have been a “hook reversal,” a bullish indicator, but not as bullish as a key reversal. All the contracts settled 9 to 10+¢ above their low. Nothing is 100% in this business, but making new lows by 4¢ Sunday evening and closing 5 to 6¢ higher on Monday is very encouraging.
Saudi Arabia overshot its June crude oil production quota by a whopping 700,000 bpd pumping 9.8 million barrels per day, the highest in two years, according to the International Energy Agency. OPEC's official production figures are due Tuesday, and some analysts have already suggested they’ll show near-perfect compliance.
China’s crude oil imports were 12.14 million barrels per day in June, marking a 7.4% year-on-year increase, as imports from Saudi Arabia and Iran surged, Reuters reported on Monday. The increase reflects both restocking after refinery maintenance and opportunistic buying by independent refiners amid steep discounts on sanctioned barrels. Crude oil exports in August from Saudi Arabia to China are expected to be the highest level in two years.
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