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Week In Review
The Week in Under 60 Seconds
Markets spent another week trading a mix of war, weather and energy—with agriculture mostly following whichever story had the market’s attention for the moment.
Energies pushed higher before giving a little back by week’s end. Soybeans made new highs, meal finally took the lead and corn quietly turned into one of the week’s strongest performers. Wheat remained tied to Black Sea headlines and rumors, while the western Corn Belt kept the corn’s weather premium alive.
As July winds down, the same two forces remain in control: war and weather.
Energies & Macro
Shocker: energies led again. This time, soybean oil missed most of the move.
Key Takeaways
Crude extended its run. Despite a roughly $3 setback Friday, Brent still gained 10% on the week to close near $97. WTI was right there with it, up 9.2% and finishing just below $90. Both are now more than 30% above their early-July lows as two energy-intensive wars—and renewed threats from the Houthis in the Red Sea—keep markets on edge.
Diesel kept marching higher. Heating oil gained another 4% on the week despite falling 3.3% Friday. Monthly gains have now surpassed 34%, while year-to-date gains reached an incredible 100%.
Diesel strength is a headwind for D4 RINs.
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