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Tidbits, Crude Oil, Dark Fleet, Markets & Rain Days Update 2/15/23

Highlights


Mexico has officially scrapped the ban on GMO corn imports for animal feed and industrial use that was due to start in January. Mexico still plans to prohibit glyphosate and GMO corn for human consumption. That human consumption corn has never been a sizable percent of their corn imports.

President Biden Administration said yesterday morning another 26 million barrels will be released from Strategic Petroleum Reserve (SPR) as Russia cuts production. That and the CPI news had crude oil trading lower yesterday morning.

Yesterday morning's US retail inflation report for January was a half percent higher than a year ago and higher than the market expected. For the past twelve months, inflation at the retail level was 6.4%; the market expected 6.2%. The market correctly concluded that means a higher probability of sustained interest rate increases. Crude oil took the news the hardest.

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