Commodities that are especially sensitive to Chinese demand like copper and crude oil sold off this week. More dramatically, gasoline and diesel fuel futures each dropped 13 cents per gallon, bringing gasoline to a four-month low and diesel prices to a one-year low.
Walt and Alex Breitinger
Wheat exploded to a 16-month month high Friday, with prices for the Chicago wheat contract topping $5.60 per bushel.
One winner of note is U.S. dairy producers, who will see an increase in exports to Canada, which could help shore up the troubled industry. Prices for milk futures rose on the USMCA's passage in the House, with many contracts approaching contract highs.
Results of the recent British elections could result in the once-great British Empire seeing further contraction in the coming years.
There is concern that the United States could levy sanctions against the Chinese over their treatment of Hong Kong, a former British colony that is now under Chinese control.
More than 20% of dairy farmers quit the business during the last five years, part of a larger pattern of farm consolidation and bankruptcies that has been plaguing farmers across the Heartland.
Fueled by the Saudi determination, crude oil reached a six-week high Thursday, trading near $58 per barrel.
Snowy, wet fields slow machinery, and the extra moisture can deteriorate crop quality, although the damage and delays haven’t hit a critical level yet. As a result, corn and soybeans were only mildly higher this week.