Joe Camp

Grains were poised for a relatively quiet open with mixed prices carrying over from last week, when corn futures were caught between stronger soybeans and weaker wheat. In the Headlines About 50 million Americans were expected to travel this Labor Day Weekend. The TSA said the number of flyers was projected to fall slightly from a year ago. Driving mileage would likely be stagnant in reflection of record gas prices for the holiday. AAA registered the national gasoline price average at $4.15 versus $3.19 last year. Iran attempted to strike two U.S. Navy ships to prompt retaliation against three Iranian oil tankers. An Iranian official threatened to target U.S. energy assets across the Middle East. Another official said there would be an "exclusion zone" established just outside the Strait of Hormuz. Hostilities over the weekend likely slowed oil flows following what U.S. Energy Secretary Chris Wright said was an average of 9 million barrels passing through the Strait of Hormuz per day. President Trump held a press conference alongside USDA Secretary Brooke Rollins to announce new executive orders aimed at supporting American ranchers and promoting fair competition in livestock markets. Among the directives was prioritization of investigations into "a marketplace…

Grains were set up for follow-through on stronger settlements from Friday but buying could eventually give way to a back-and-fill trade that coincides with month-end profit-taking. Top influences include flaring of the conflict between Russia and Ukraine, a Venezuelan oil deal, and traders waiting for the decision on biofuel waivers. In the Headlines Interest rate expectations shifted sharply again on Friday as Federal Reserve Chairman Kevin Warsh spoke at the Jackson Hole conference. Warsh expressed concern about high inflation and referenced interest rates as the main tool for stabilizing prices. The odds of a Fed funds rate hike coming from the September meeting jumped to 57 percent likely, up from 35 percent on Thursday. The market reaction featured higher bond yields and a stronger dollar along with a reversal down for gold and silver. President Trump announced another deal to bring down prices, this one involving the Venezuelan oil and the rights to untapped production fields holding an estimated 65 billion barrels. The U.S. government was granted majority ownership in a company that can buy the oil at cost under an agreement lasting 100 years.  The company would own the rights to about one-third of the country’s oil output capacity,…