Commodities sold off across the board after the new Covid variant Omicron caused fear and uncertainty in Friday’s shortened session. Corn prices were in the red most of the day but turned green after better-than-expected export data from USDA took hold. Corn’s late-session rally helped prices jump more than 1% higher by the close, December futures added 6.5 cents to $5.8625, with March futures up 6.25 cents to $5.9175. Preliminary volume estimates were for 296,804 contracts, falling well below Wednesday’s … Continue reading “Corn Avoids Commodity Selloff After Strong USDA Export Data”
IP focused AgTech AgriFORCE Growing Systems ($AGRI $AGRIW) entered into a binding letter of intent to acquire a leading AgTech European consultancy focused on driving AGRIcultural optimization, innovation, solutions and operational expertise in the AGRIculture and horticulture and Controlled Environment AGRIculture (CEA) sectors
Chicago soybean futures fell under $13 a bushel near 35 week lows. Hurricane Ida halted traffic on the Mississippi river and caused power outages and damaged grain elevators and port terminals. Prices way up lower demand and trapped supply.
Iconic farming, forestry and construction equipment maker Deere is now seen as a rare hybrid of industrials and tech or Ag Tech. $DE beat second quarter earnings before the open Friday. Supply cain issues are in focus. ARK Invest sees it as a tech company adding it to ARKQ.
Chicago based Hedge fund Citadel has made massive profits on it’s commodity investments in 2020, over $1 billion according to Reuters. Much of the gains were in oil and gas from the price swoons from the Covid demand meltdown, Large gains were also said to be have made in agriculture commodities.
Cutting edge solar power solutions provider Sunworks announced $10 Million in project wins for the third quarter. $SUNW is seeing an acceleration in activity and Improving Market Conditions for agriculture, commercial and industrial, public works and residential markets. The stock soared 45% on today’s market.
Fitch believes Australia’s agriculture, tourism and education sectors are among those most exposed to a potential escalation in bilateral trade tensions between Australia and China. China imposed tariffs on imports of Australian barley and suspended some Australian beef imports.
Iconic farming, forestry and construction equipment maker Deere beat first quarter earnings before the open Friday. $DE maintained guidance despite global risks, higher US dollar and higher raw materials and freight costs fueling higher expenses and uncertainty.
Iconic farming, forestry and construction equipment maker Deere beat third quarter earnings reported before the open Wedneday but $DE also cut guidance citing global risks, higher US dollar and higher raw materials and freight costs fueling higher expenses and uncertainty.
Swine flu has reeked havoc on pork supplies around the world and has hit China very hard and has now spread to ten European countries. Chinese food prices in July jumped 9.1% consumer staples pork prices up 27% fresh and fruit prices up 39.1% from a year ago.