Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal BuzzVideo: Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz
The 12-day war between Iran-Israel came to an end sending crude oil futures plunging as the big fund speculators removed the war risk premium.
The weather risk premium in the Ag complex is sending corn, wheat and soybean futures lower on month-end selling ahead of the market moving USDA quarterly grain stocks and acreage reports on June 30th.
Instead, funds were chasing and sending tech stocks higher with the S&P 500/NASDAQ indexes setting new all-time record highs!
June 1 USDA Hogs and pigs report was slightly bearish while the U.S. $ Index traded to new contract lows as the de-dollarization that began in 2014 continues.
Feed in the form of soybean meal futures for livestock producers got cheaper, trading to new contract lows.
The Stats Canada seeded acreage update was bullish canola and wheat.