Tidbits, Venezuela, Brazilian SAF & Forests, Farm Prices Gap, ENSO, Export Inspections & Sales 1/6/26
- Wright team
- 1 day ago
- 5 min read
Tidbits
During Friday’s session, CBOT wheat futures put in new contract lows, and then bounced back to close exactly equal to the opening prices. People who know a lot more about technical analysis than we do said this creates a “dragonfly doji” pattern on the daily price chart. Investopedia.com states, “The dragonfly doji is a Japanese candlestick pattern that signals potential market reversal and reflects investor decisions.” It is a minor signal, but yesterday’s market action looks like a trend change may be happening.
Venezuelan President Maduro had his first appearance in Federal Court in New York yesterday. He said 85% of all his drug money is in U.S. banks. U.S. banks are required by law to report to the U.S. government every cash deposit or wire transfer of $10,000 or more. Drug dealers do not write checks. Will we ever know which banks and which of their employees broke the law? Or did the banks report the deposits and someone in the government was dirty?
The Trump administration plans meetings with top U.S. oil executives this week to discuss boosting Venezuelan oil production after U.S. forces ousted Nicolas Maduro, according to Reuters. The aim is to entice Exxon Mobil, ConocoPhillips, and Chevron to re-engage in Venezuela after the government took back control of the U.S.-led energy operations years ago. However, four oil industry executives stated that these three companies have not yet spoken with the administration about Maduro’s ouster, contradicting Trump’s claim that he had already held meetings with “all” U.S. oil companies prior to and after Maduro’s seizure.
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