An overnight announcement ๐ข
Feb 14, 2023
๐ท๐บ Russia has announced overnight that it would reduce its oil production by 5% in March 2023 as a retaliatory response towards recent Western sanctions on Russian energy products.
• As a result, wheat prices soared amid worries that Russia would back away from the Black Sea Grains Initiative. The country’s been complaining it hasn’t been able to export any grain since the deal was renewed because of Western sanctions – which is not true since Russia’s still shipping wheat nonetheless.
• Strength in the wheat market spilled over into corn, and futures closed higher. As for soybeans, soy derivatives largely drove the rally, even though rains in Brazil have delayed harvest progress and that puts pressure on the market.
๐ Check out all the numbers here.
