Manager's Comments 05/11/26 12:15:19 PM
- Good morning. Commodity markets are higher coming out of the weekend this morning despite most analysts having called Sunday night's open mixed/lower before a Trump Truth Social post mid-afternoon yesterday rejecting the latest Iranian offer for peace threw a sizeable wrench in those predictions. Despite the May WASDE report, which is usually a notable one, being on the docket for tomorrow, it is clear this morning that there is still a sizeable amount of the trade focused on happenings in the Middle East. Add in the Trump-Xi China summit that is scheduled for the end of the week, and the situation quickly becomes ripe for fireworks. Volatility should be expected this week, with it hard to say this morning exactly which storyline is going to be the most dominant over the next several trading sessions. Corn futures to get Monday rolling are trading 3-4 cents higher, soybean futures are trading 10-13 cents higher, and the Chicago wheat market is trading 6-7 cents higher.
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