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0:00 Wheat Winning Streak
1:49 Western Weapons in Ukraine?
2:56 Russia/Iran Ties
5:29 Brazil Weather Shift??
6:39 Funds and Farmers
8:18 Flash Sale

Here’s the latest on the markets and key updates:

🌾 Wheat Futures Surge:

Third Consecutive Week of Gains: Wheat futures rose for the third straight week due to several factors. India’s government has reduced the amount of wheat stockpiles allowed for traders and large retailers, indicating tight supplies and an effort to stabilize domestic prices. Drought conditions in Russia and Ukraine, combined with recent Russian attacks on Ukrainian wheat transport, have further fueled supply concerns. 

🌍 Ukraine’s Long-Range Weaponry:

US and Britain Consider Support: The US and Britain are mulling over allowing Ukraine to use long-range Western weapons. President Biden and Britain’s Prime Minister discussed this last week amid threats from Vladimir Putin, who claims such a move would indicate that NATO countries are at war with Russia. While Britain believes Putin is bluffing, Biden remains cautious about the potential escalation.

🚀 Russia-Iran Military Relations:

Growing Ties: The US and UK are worried about Russia providing classified information and technology to Iran, potentially advancing Iran’s nuclear capabilities. In return, Iran is allegedly supplying ballistic missiles to Russia for its conflict with Ukraine. Despite these concerns, Iran insists it is not pursuing nuclear weapons.

🌧️ Brazilian Soybean Weather:

Hot and Dry Conditions: Brazil’s soybean regions will experience continued hot and dry weather, with rainfall expected mainly in the southern states over the next two weeks. However, extended forecasts suggest potential rains in central soybean areas starting in early October. Weather forecasts can be unreliable, so stay tuned for updates. 

📉 Fund Trader Activity:

Trimming Positions: Fund traders reduced their net short positions in the corn and soybean markets. For the week ending September 10, funds were net buyers of 41k corn contracts (the smallest net short since May) and 26k soybean contracts. They also bought 13k SRW wheat contracts. 

🌱 Soybean Flash Sale:

New Sales: US exporters sold 100,000mt (4 million bushels) of soybeans to China for delivery during the 2024/2025 marketing year. Despite recent sales, soybean commitments for the current marketing year remain the second lowest in the past decade.

Keep an eye on these developments as they could impact the markets further! 🌾📈