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Tidbits, Crude Oil, Corn, Export Sales, Markets & Rain Days Update 10/20/23

Received 6:40 AM yesterday, thanks, Jason:

"CHS Fairmont, MN soybean basis firmed from -.20 to + .5 today. Thanks for the great info Wright on the Market team."

Today is Friday and harvest weekend. Think pre-hedging this afternoon before the close.


Highlights


New unemployment claims were 198,000, 12,000 fewer than expected and strong Netflix earnings had Wall Street trading higher yesterday morning when Federal Reserve Chairman Jerome Powell said the labor market is so strong it could justify more monetary tightening (higher interest rates and larger bank reserve requirements).

That comment flipped the world’s stock markets lower as bond yields (interest rate) leaped higher. The 10-year US government bond yield traded as high as 4.996%. The last time that bond paid 4.996% was 16 years ago.

The US has suspended oil and gas sanctions against Venezuela for a period of 6 months in exchange for a fair, orderly, and transparent presidential and legislative elections. Their crude oil exports are expected to increase ~210,000 barrels per day.

So why was crude oil up over a buck? Take your pick:

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