Crude Oil continues to shine as it rallies and outperforms Brent.Plenty of bearish headlines for Brent Iraq and Russia announcing another increase in production.. Crude side of ledger Small amounts of Oil exported to mexico and japan,Draw at cushing delivery point(genscape announced outflow today as well) .Refinery maintenance is ending,and demand will pick up as they come back on line.lastly majority of oil related companies will be reporting earning over next week and half,Chatter is that the cuts to production and Exploration will be large and hence less crude next year.Crude calendar spreads are bid and CL/CO spread as well, this does illustrate a bullish outlook,for now.
International grain federation increased size of Worldwide Crops for 4th time this year.Solid export numbers for Soy,Wheat and corn but yet trade heavy.limited movement cash/farmer selling has markets looking for some type of driver.The time for exciting grain trade is nearing the end.Soymeal has yet to break support with any type of momentum.For Wheat Increase in Drought conditions for Midwest and lack of Rain Ukraine for next 2 weeks provide a bid.
Spuz have failed to trade above yesterdays highs and Dollar continues to give back some of yesterdays gains.Strong Dollar= Strong stocks.
Short and long End being sold in Europe and USA as Dovish Fed bets are being unwound.
Theme today is of readjusting to the new fed order regardless what net change of dollar is .