08/27/2024 OPEC+, Censorship, Crop Conditions, and Carbon Pipeline

Cash Cattle and a Look at the Softs You can click the picture above to take you to this morning’s episode. On the Grains Crop conditions came in as expected yesterday with corn at 65% G/E down just 2% from last week but up 9% from last year. While make no mistake, there is plenty of good corn, I started getting phone calls from clients that need a rain as where they planted in the wet spots are starting to show up. Moving over to soybeans 64% are rated G/E down 4% from last week and up 6% from last year. December corn grids lower this morning, down a penny at 4:30 am and while soybeans had an impressive day yesterday they’re giving back 2 cents this morning. Crop conditions will be less of the focus moving forward as traders feel confident that the crop is made. Yesterday’s sharp run-up in crude oil was attributed to tentions in the in the middle east, however OPEC+, who typically addresses production plans at the start of the new month, continue to battle production cuts amid Chineese demand concerns. However, Libya released statements yesterday moirning stating that they were shutting all oilfields down…