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Tidbits, Market Comment, ENSO, Export Inspections, Markets & Rain Days Update 12/27/23

Highlights


The claim early yesterday morning that Ukraine’s military attacked a Russian landing ship off the coast of Crimea turned out to be true. The Russian troop landing ship, Novocherkassk, near the port city of Feodosia in the eastern coastline area of Crimea was damaged by cruise missiles. Russian officials claim the ship was merely damaged with light casualties, while an Ukrainian Air Force official said the ship was destroyed.

 

It was the Russian confirmation of damage and casualties that sent crude oil and other commodities higher Tuesday about 50 minutes after the CBOT opened.

 

The temporary or permanent loss of the landing ship will hamper any future amphibious landings Russia may have planned. It had the capacity to deliver 225 marines and 500 tons of supplies to a beach head.  

 

Yesterday early afternoon, Yemen's Iran-backed Houthi militia claimed responsibility for a missile and drone attack on Tuesday on a container ship in the Red Sea.

 

The U.S. military retaliated with airstrikes against an Iranian-backed militia group after U.S. troops were attacked, leaving one service member in critical condition.

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