Tidbits, Markets & Rain Days Update 3/22/23
First Republic Bank stock was up 30% yesterday as it continues to stave-off collapse with other banks’ money. That helped stocks and crude oil and hurt gold and the US dollar index, which should have helped grain prices.
Soybeans had a bad day yesterday supposedly because Brazil’s monster crop continues to keep Brazil’s infrastructure jammed and overflowing as their basis continues to weaken. What good is cheap soybeans to soybean importers if they must wait three months to get a ship load delivered?
Wheat also had a bad day and no analyst around the world had even a slightly plausible reason. French milling wheat led the charge lower. Could it have been because the Kansas wheat crop improved 2% last week to 19% good or excellent?
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