Crude oil spikes on Iranian embargo against Israel

Oil jumped $3 overnight as Iran calls for an oil embargo against Israel.

The corn, soybeans and wheat futures have moved higher as well.

Oil has backed off the overnight highs but is still up $1.5 higher.

Soybeans have broken through 13.00 and look to challenge the 13.18 area where multiple moving averages are converging.

Ukraine will drop to the 9th highest wheat producer next year as they deal with the long-term fallout from the Russian conflict.

The wheat market has yet to show concern about the worldwide wheat supply with multiple countries having growing issues.

Brazil remains dry and hot this week but could see rains in week 2

Argentina remains dry and under stress across 75% of their growing region but have widespread rains forecasted for this weekend.

If these rains confirm look for downward pressure on prices as planting has stopped in dry parts of Brazil due to lack of moisture.

Support and resistance

4.90 & 12.80 for support

5.06 & 13.18 for resistance

NFC Grain Comments Options -10.17.23 (2)

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