WTI$69.23-3.74%
Brent$71.99-4.34%
RBOB$2.96-2.32%
ULSD$3.21-2.73%
Henry Hub$3.23-3.35%
Gold$4,078.70+1.20%
Silver$59.22+1.49%
Copper$6.14+1.17%
Platinum$1,630.90+1.82%
Palladium$1,209.00+2.44%
Corn$4.18+0.42%
Soybeans$10.62-0.31%
Wheat (SRW)$5.34+0.84%
Cotton$0.68-1.12%
10Y Real Yield2.19%-4bp
DXY101.36-0.07%
WTI$69.23-3.74%
Brent$71.99-4.34%
RBOB$2.96-2.32%
ULSD$3.21-2.73%
Henry Hub$3.23-3.35%
Gold$4,078.70+1.20%
Silver$59.22+1.49%
Copper$6.14+1.17%
Platinum$1,630.90+1.82%
Palladium$1,209.00+2.44%
Corn$4.18+0.42%
Soybeans$10.62-0.31%
Wheat (SRW)$5.34+0.84%
Cotton$0.68-1.12%
10Y Real Yield2.19%-4bp
DXY101.36-0.07%
Latest SettlesPrices via Yahoo Finance (delayed)
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GEO

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Grains ripped after the July WASDE, with corn up 7.6% to 460.00¢/bu and wheat up 4.58%, as USDA cut corn stocks more than expected.

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9:41
< InboxToday, 6:00 PM

Evening brief · Jul 10

G
GEO
to me

Good evening, Michael.

Grain markets stole the session after Wednesday's USDA reports, with corn up 7.6% and wheat up 4.58% on the day even as crude eased and the Middle East risk story shifted toward diplomacy. Washington is now pressing Iran to formally reopen the Strait of Hormuz, and Ukrainian strikes continue to strain Russia's fuel supply. More details below...

Crude Oil

Crude gave back ground into the weekend, with WTI trading at $71.51/bbl, down 0.79% from yesterday's settle, and Brent at $76.00/bbl, off 0.39%. The de-escalation angle is now the driver: Bloomberg and The New York Times both report US officials expect the Strait of Hormuz to be declared open to all shipping, following the tanker strikes earlier this month that prompted heavy US retaliation, per Hellenic Shipping News. Managed money net long WTI Crude fell to 64k contracts (-17k WoW), per Friday's CFTC report dated July 7.

Refined Products

Products fell harder than crude, with RBOB at $2.9858/gal, down 1.74% from yesterday's settle, and ULSD at $3.5339/gal, off 1.06%. Russia's supply picture stays central: Al Jazeera reports Ukrainian attacks on refineries have sparked a nationwide fuel shortage, and Energy Intelligence says Russian refining supply has slid below domestic demand. CNBC flags Carlyle's Jeff Currie urging markets to watch gasoline and diesel prices rather than just crude. Managed money net long NY Harbor ULSD fell to 4,786 contracts (-3,695 WoW), per Friday's CFTC report dated July 7.

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