Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France

Corn prices closed off their highs Friday, both September corn and December corn were up 1¢ after being up 14c in the morning. Corn closed the week with gains of more than 10%, the best weekly performance since early March. On Thursday, commodity funds were net buyers of corn by +11,000.  The weekly Crop Progress report next week is expected to show crop ratings stable if not down 1% to 2%. With the current supply and demand situation in the … Continue reading “Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France”

Wheat Futures Prices Soften after Zelenskiy Visits Port Near Odesa.

Wheat prices faltered again this week continued to slide lower, with some contracts down nearly 2% Friday. September MGEX spring wheat futures lost 15.75 cents to $9.1225. On Thursday, commodity funds were net buyers of CBOT wheat (+9,000) contracts. Wheat felt the pressure from the Ukraine and Russia deal brokered by the UN. The deal is for the black sea reopening with Ukrainian wheat, a possible bottleneck in ramping up Ukraine grain exports is damage to the transportation infrastructure which … Continue reading “Wheat Futures Prices Soften after Zelenskiy Visits Port Near Odesa.”

Soybean Complex has Biggest Weekly Gain in 22 Years on Weather and Argentine Hoarding.

Soybean prices saw the biggest weekly gain in 22 years. Soybean oil rose 12.85%, Soybeans rose 12.41% and Soybean Meal rose 11.34% for the week. Soybeans got support from the weather with a hot and dry forecast for the first 10 days or so of August. Support came with Argentine farmers not selling soybeans due to inflation concerns. Argentine farmers would rather store soybeans versus pesos in the bank in their high inflation. The weekly Crop Progress report next week … Continue reading “Soybean Complex has Biggest Weekly Gain in 22 Years on Weather and Argentine Hoarding.”

Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. Revenues nearly doubled to $68.7 billion, crushing Wall Street expectations by $11 billion. Chevron’s refining sector and profits from overseas oil production fueled the massive recovery for $CVX. Fellow American Oil giant Exxon Mobil also posted a record profit Friday of $17.9 billion, its highest ever and nearly four times … Continue reading “Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%”

Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow

Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings. PSX generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital and repaid $1.5 billion of debt and returned $533 million to shareholders through dividends and share repurchases. The two largest American oil companies almost reported Friday. Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period … Continue reading “Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow”

Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits

Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period a year ago. $XOM was boosted by rising oil and fuel production, higher energy prices and cost cuts. The Covid crisis had primed the company for survival and efficiency and as such benefit from lucrative refining. Fellow American Oil giant Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion … Continue reading “Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits”

Apple Revenue and Profit Beat with Higher iPhone Sales and Gross Margins

Consumer electronics giant Apple reported better than expected EPS and revenue for the June quarter earnings Thursday. AAPL suffered an almost 11% decline in profit hurt by supply constraints and shutdowns in China. Despite this Apple’s biggest driver of revenue iPhone sales continued to grow despite economic challenges. iPhone revenue rose 2.8% to a fiscal third-quarter record of $40.67 billion, while analysts had expected a 2.5% drop. $AAPL stock rose by more than 3% in after-hours trading. Apple (NASDAQ: $AAPL) … Continue reading “Apple Revenue and Profit Beat with Higher iPhone Sales and Gross Margins”

Intel Misses Earnings Slashing Guidance as Margins and Data Center Revenue Plunge

Semiconductor giant Intel stock plunged after another dismal earnings report and guidance cut. INTC reported adjusted second-quarter earnings of 29 cents a share, compared with $1.36 a share from a year ago. Intel is the 2nd heaviest weight in the SMH ETF and had been bid up prior to the report after the passing of the CHIPS and Science Act aimed at boosting US chip production. The offers more than $52 billion for US chipmakers as well as tax credits for domestic … Continue reading “Intel Misses Earnings Slashing Guidance as Margins and Data Center Revenue Plunge”

Amazon Shares Higher on Revenue Beat and Strong Guidance

Retail monster Amazon.com reported stronger June quarter revenue Thursday.  $AMZN stock traded up more than 13% after hours as they guided higher than expected.  Amazon recorded a $3.9 billion loss on its Rivian investment which led to a reported a loss of 20 cents per share on revenue of $121.23 billion vs. $119.09 billion expected. Amazon was the last of the mega-cap tech companies to report. Netflix kicked it off. Microsoft, Apple, Intel, Meta and Alphabet followed. Amazon.com Inc. (NASDAQ: $AMZN) Reported After Close Thursday … Continue reading “Amazon Shares Higher on Revenue Beat and Strong Guidance”

Shell Records Second Consecutive Record Quarterly Profit as Energy Prices Surged

Shell, Europe’s largest oil company reported stronger than expected second quarter results Thursday with $11.5 billion second-quarter profit smashing the mark it set only last quarter. Surging natural gas and oil prices and refining margins that roughly tripled in the second quarter, to $28 per barrel, the company said. The Oil Major reversed $4.3 billion in impairments it took early in the Covid-19 pandemic. Shell shares rose 1.8% in morning trading in London. The company’s decision to keep its quarterly … Continue reading “Shell Records Second Consecutive Record Quarterly Profit as Energy Prices Surged”