Mediocre 3Y Auction Tails Despite Solid Buyside Demand

Agricultural Commodity Prices Break Out As JPMorgan's Food Crisis Warning Gets Louder JPMorgan analyst Nora Szentivanyi's warning last week that the next global food crisis could begin as early as next year has been a major wake-up call for some, adding to the growing voices on institutional desks warning that food inflation is poised to re-accelerate.  Remaining extra watchful about agricultural prices, Bloomberg reported earlier that US corn futures moved higher after preliminary results from the Pro Farmer Crop Tour indicated weaker-than-expected yields in parts of critical growing belts across the Midwest. Corn yield estimates...

IEA Delivers No SPR Action After Extraordinary Meeting As Crude Jawboning Mania Enters Day Two Update (1514ET):  For a second straight day, G-7 leaders attempted to push crude prices lower with headlines about an "emergency meeting" to discuss a possible Strategic Petroleum Reserve (SPR) release aimed at containing Brent and WTI crude prices. However, by late afternoon in New York, the Financial Times reported that the International Energy Agency (IEA) had concluded the meeting without reaching a decision on a coordinated release of crude stockpiles. Today's slide in Brent and WTI was...

Over the course of Israeli attacks on Wednesday, the Lebanese Health Ministry reported at least 22 people killed, including eight children. That’s particularly relevant, because Thursday talks were scheduled in DC between Israeli and Lebanese officials regarding extending the current “ceasefire” that expires this weekend. Israeli officials seem to be going into the talks particularly […]