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BQC Morning Comments Aug 28.24

August 28, 2024
Joe Mauck
@TradewithAFS

MORNING COMMENTS

Geopoitics:

Ukraine struck a oil depot in Russia that was around 1500 km (930 miles) away. That’s the first time Ukrainian arms were able to perform such a long distance strike. There are still 3 oil tanks burning at the site in Kotelnich, Russia.

Macroeconomics:

NVIDIA stock earnings are on everyone radar today. The stock has gained 160% this year and is valued over $3 trillion dollars. Is there an AI bubble? NDVA has been at the front of the artificial-intelligence conversation for the last couple years. The trade is expecting to see a revenue growth of 70% for the current quarter. The report will come out today after the market close.

Ag Fundamentals:

Anticipating tomorrow’s export sales to show some good news. China bought a flash of soybeans 4 out of 5 days last week totaling 795K MT. Additionally, 351K MT of beans were also recorded as sales to unknown destinations. China is buying beans again this morning with a purchase of 264K MT of US beans. We also saw some corn flash sales to both Mexico and Columbia.

Weather:

Northwest Missouri and south central Illinois are seeing some pop up showers today. These rains will dissipate before reaching across the boarder of Indiana. Max temperatures across the Midwest will go from mid 90s on Monday to mid 80s by the weekend to mid 70s by Monday next week. Models are not showings signs of the possibility of an early frost as of today through mid September.

EXPORT AND WORLD NEWS

264K MT of US soybeans were sold to China this morning. also two sales of corn: 100K MT of corn to Columbia and 165K MT of corn sold to Mexico. The US sold some corn yesterday morning, 120K MT of corn to Mexico. South Korea bought around 200K MT of feed corn in the last few days.

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