Tidbits, Spreads, Crude Oil & Russia, Trades with India & Japan, Cattle, Ethanol 10/23/25
- Wright team
- 13 minutes ago
- 4 min read
Tidbits
Yesterday, November bean futures were up 4¢, January beans were up 1½, March beans were down ¼, and May beans were down ¾¢. Corn and wheat had similar action, but not as pronounced. Meaning the spread is going up and that is bullish market action. With November soybean deliveries beginning 8 days, it looks like the big grain companies want soybean deliveries.
The FSA reportedly will reopen offices today to process ARC/PLC payments, farm loans, and disaster programs. However, as of late yesterday morning, one FSA loan officer we know had not been told to report to work today.
India and the U.S. are getting close to a trade deal, as news agencies are reporting, with the U.S. cutting tariffs on Indian exports from 50% to 16% and India will gradually reduce its purchases of Russian oil.
Crude oil & Russia: Yesterday afternoon, Treasury Secretary Bessent stated the U.S. will soon unveil a significant escalation in sanctions against Russia soon. That supported crude oil prices as did the EIA report showing that U.S. crude oil production declined by 7,000 barrels per day and inventories declined by 961,000 barrels last week. The market expected an increase of 1.2 million barrels. The news that the U.S. is taking bids for another million barrels for the Strategic Petroleum Reserve (SPR) was also supportive. The SPR has a capacity of 714 million barrels, now it has 408 million barrels inside.
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