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Tidbits, ENSO, Petrodollars, China's Corn 6/15/24

Highlights


The US dollar rallied sharply yesterday midday trade at its highest level since May 1st.

 

With the exception of North Dakota, the weather outlook was not so bad in the Corn Belt, so profit-taking on a Friday after two up-days in corn and beans.

 

The government weather gurus have announced that the El Nino episode has officially ended and the world is in a state of ENSO-neutral conditions, but La Niña is coming, probably a month later than expected a month ago.

 

Saudi Arabia announced on Monday it has decided to end its “petrodollar deal” with the US, which has been the Holy Grail of the crude oil trade for nearly 52 years. Saudi Arabia will sell oil and other goods and receive payments in multiple currencies.  

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