There was nothing surprising in the news over the weekend as the geopolitical situation continues to play out as expected.
Gold found renewed buying interest on the latest developments, again not a surprise.
Grains were quietly mixed to start the holiday-shortened trading week, with attention turning to new-crop winter wheat.
Morning Summary: “I read the news today, oh boy…And though the news was rather sad. Well, I just had to laugh…”. Those lines are from the Beatles song, “A Day in the Life”, but they bring to mind a quote from Abraham Lincoln, “I laugh because I must not cry, that is all, that is all.” There’s no need for me to go into particulars, for when I do it tends to raise some hackles among those with fragile psyches. As for markets early this Tuesday morning, it’s similar to what we’ve seen most days. The US dollar index ($DXY) firmed overnight, strengthening by as much as 0.47 and sitting with a gain of 0.33 at this writing. Meanwhile, gold was stronger with the April issue (GCJ25) adding as much as $28.10 (1%) and near its session high pre-dawn. This isn’t a surprise given what’s going on geopolitically[i]. In the Energies sector, markets were generally in the green with one exception, and you don’t need many guesses to come up with which one is the outlier. The spot-month natural gas contract (NGH25) dropped as much as 17.1 cents (5%) and was still down 12.0 cents at this writing. On another note, May sugar (SBK25) gapped higher to start the week.
