Highlights
Cash crude oil was $2.91 higher and futures were $2.76 higher yesterday for several reasons:
Expectations Israel will hit Iran’s crude oil fields and refineries (not likely to happen).
Oil platforms shutting down as Hurricane Milton moves across the Gulf of Mexico.
For the second consecutive week, the largest speculative short position held by speculators.
Ukraine said it had struck a major offshore oil terminal in Russian-occupied Crimea.
China announced its economic stimulus package goes into effect today.
Cash grain export trader Eduardo Vanin yesterday afternoon:
"The Brazilian corn export program continues to lose volume very rapidly. Water levels in the main rivers of the Amazon Basin are extremely low and there is no sign of reversal. The export program for Nov and Dec is set to drop further. Buyers are not covered. Producers in MT (Mato Grosso) reported very scattered rains during the weekend. Cotton producers are switching to a shorter soybean cycle. Urea prices CFR Brazil jumped last week. Corn premiums firmer spot (cash market) and JAS (July, August, September) 2025."