Tidbits, Q&A: Supply or Demand Rally, Crude Oil & Fuel, Edible Oil, Tariffs, Broilers & Ethanol 7/23/26
- Wright team
- 3 days ago
- 5 min read
Tidbits
The first case of Southern Rust in Iowa this season was confirmed Tuesday morning in a Benton County corn field, according to Iowa State University Extension.
The Wheat Quality Council's spring wheat tour estimated North Dakota's spring crop at 45.9 bushels per acre, down from 49.8 last year.
U.S. crude oil inventories rose by 2 million barrels in the week ended July 17, compared with market expectations for a 1.25 million-barrel draw. National gasoline stocks rose by 765,000 barrels in the week, versus expectations for a 1.54 million-barrel draw. Distillate stockpiles (diesel and heating oil) rose by 1.4 million barrels, above forecasts for a 0.83 million-barrel rise.
According to AAA, the national average for regular gasoline is $4.06 per gallon today, up 17¢ from a week ago. Diesel prices remain on an upward trend, the national average at $5.18 per gallon, an increase of 25¢ week over week.
A tanker in the Strait of Hormuz was abandoned by its crew after being struck by a projectile on Tuesday, according to the United Kingdom Maritime Trade Operations agency. This is the second tanker in the area to be abandoned by its crew in less than 24 hours. A third tanker was also struck, but the crew stayed on board.
Want to read more?
Subscribe to wrightonthemarket.com to keep reading this exclusive post.
