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Futures File: Crude oil consolidates | Business

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August crude oil futures have climbed back to $82 per barrel, completing a $10 per barrel rally from June 4-28.

The initial rally was sharp, but the last six trading sessions have been sideways with a range of $80-82.

None of the recent trade action is all that uncommon or surprising, but it is a crossroads of sorts. The contract high for August crude oil is $85.27 per barrel, set back on April 12.

New contract highs could raise eyebrows and concerns over consumer inflation returning, which has recently shown signs of finally retreating.

The great debate

The first presidential debate between Joe Biden and Donald Trump aired Thursday night and it was … something.

The something that it was wasn’t enough to get a reaction from either equities or interest rates, as trade was quiet through Friday morning.

American citizens seem to have plenty of concerns about the future, but for now, market money is stable, which is a plus.

Grain pain

Corn, wheat and soybean futures have all dropped considerably in price through the month of June.

June is seasonally a month of volatility with swings in weather and questions of how many acres have been planted.

The end of the month is punctuated by the USDA’s Acreage and Grain Stocks report that can sometimes lend insight that starts to answer the unknowns. That report was released today with opposite reactions in corn and soybeans initially, but lower prices overall was the theme of the day.

July corn futures dropped to $3.90, making a new weekly continuous low not seen since the week of Oct. 16, 2020.

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Information contained herein is believed to be reliable but cannot be guaranteed as to its accuracy or completeness. Past performance is no guarantee of future results or profitability. Futures and options trading involve substantial risk of loss and is not suitable for all investors. All information, including this specific material, used and distributed by Paragon Investments LLC (PI) shall be construed as a solicitation for entering into a derivatives transaction. PI does not distribute research reports, employ research analysts or maintain a research department as defined in CFTC Regulation 1.71.

Read More: Futures File: Crude oil consolidates | Business

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