Grain futures today are trading higher

Grain futures today are trading higher, with CBOT wheat up 1.3% to $6.18 per bushel and corn at $4.92, driven by concerns over dry weather in Argentina. Traders are closely watching USDA weekly export data, as stronger-than-expected shipments could add bullish momentum in the short term. Darin: I think there's three reasons for this. Obviously, there's the fear of ongoing inflation. Chairman Powell talked about it at the end of the September FOMC meeting. There's still a great deal of concern about inflation and ties that into interest rates. What's going to happen with interest rates? We know the US president wants lower rates. Chairman Powell's not so sure. Gold is that safe haven market that keeps finding buying interest despite the fact it's at all-time highs from central banks and long-term investors around the world. Crude oil glut may drop prices into the $50s per barrel… One firm is forecasting crude oil prices to drop into the $50s a barrel range in the coming quarters on expectations for “punishing oversupply” as output expands. Macquarie Group analysts remain “fundamentally bearish the energy complex” due to crude-supply growth from OPEC-plus and drillers outside the group, as reported by Bloomberg . A global crude surplus is projected, with Macquarie forecasting a surplus of 4.63 million barrels a day in the first quarter of next year, followed by smaller surpluses in each of the next three quarters. Last month, the International Energy Agency projected that world output would exceed consumption by an average of 3.33 million barrels a day in 2026. That would be a historic overhang in annual terms. Grain futures today saw wheat extending gains, supported by stronger-than-expected European miller demand. With global stocks tightening, many agribusiness desks are projecting possible breaks above recent highs within the week.