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On December 22nd, Federal Reserve Governor Milan stated that with the recent adjustments to monetary policy, the necessity of his previous advocacy for a 50-basis-point rate cut has diminished. Milan pointed out that some unusual fluctuations in previous inflation data were partly related to the government shutdown. These unusual signals indicate that the Feds policy stance should be adjusted towards a more accommodative direction. He emphasized that he currently sees no risk of the economy falling into recession in the short term, but believes that the neutral interest rate level has clearly shifted downward, and monetary policy must reflect this structural change. If the policy rate fails to continue to decline to approach the new neutral level, it may actually increase the risk of an economic recession. Furthermore, regarding his own term, Milan admitted that he is still uncertain whether he will remain in office. He stated: "If no successor is confirmed by the end of January, I will assume that I will continue to serve."According to CNBC, Trian and General Catalyst will acquire asset management firm Janus Henderson for $49 per share in cash, valuing the latter at approximately $7.4 billion, a 6.5% premium over Fridays closing price.Lockheed Martin (LMT.N) is partnering with ManTech to advance AI-based support for the U.S. combat aircraft fleet.Market news: Mexican President Simbaum will launch a plan to boost public and private investment.Brazils oil regulator has approved Petrobras to start production at its P-78 floating production storage and offloading unit in the Santos Basin.

Russia Cancels Ukraine Grain Deal; Wheat Futures Rise 6%

Charlie Brooks

Nov 01, 2022 15:01

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Following Russia's departure from a UN-sponsored agreement to protect Ukrainian exports over the Black Sea, European wheat futures rose over 6% on Monday.


Front-month wheat on the CME's computerized trading platform peaked at $889 per bushel before falling to $878.90 at 04:50 ET (08:50 GMT).


Russia withdrew from the summer agreement with Turkey after Ukrainian drones attacked the Russian Black Sea Fleet in Sevastopol over the weekend.


Ukraine has moved almost 9 million tons of agricultural products from its ports since the deal took effect three months ago, affecting the global market's equilibrium. Russia and Ukraine exported over 30% of global grain in 2012, and their dispute threatened supplies to some of the world's poorest nations.


Since talks of an agreement began, worldwide prices for wheat, corn, sunflower seeds, and oil have dropped by almost 30%, and the pact's suspension might reverse this.


In a morning note to clients, Saxo Bank strategist Ole Hansen noted that the suspension comes at an awkward time for markets: according to data from the Commodity Futures Trading Commission, money managers have placed increasingly large bets on falling grain prices in recent weeks, with net short positioning in Chicago wheat futures reaching a 28-month high in the week ending on Tuesday.


US Soybean Futures increased 0.6% and Corn Futures rose 2.8% to $698.75 per bushel, a two-week high.


Ukraine's capacity to attack Russia's fleet at its home base embarrasses the Kremlin, which has already lost the battlefield to Kyiv. Using unverified drone footage, Ukrainian networks claimed the strike severely damaged the ship Admiral Makarov. Since Ukrainian missiles sank the Moskva in April, the frigate has led the Black Sea Fleet.

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