JUL 29. Russia is going to attack a Ukraine vessel this weekend?

At end of the Jul and the US stocks market showed a kind of summer rally indeed. Big tech stocks and oil companies lead today’s rally.

“MONEY, NO PLACE TO GO” theory might be the reason for today’s action.

DJ index went up by 1.0%, S&P 500 index was up by 1.5% and NASDAQ index was up by 1.9%.

Appl was up 3.3%, MS was up 1.6%, Amazon was up by 10.4% and Tesla was up by 5.8%.

US Dollar Index fell by 0.5% today and downed to 105.83 points today.

The crude oil market was jumping up again with another threat from other OPEC+ members. They are going to meet together next week and might talk about less production, not increasing it.

Brent oil surged 2.7%, ending at $110.01 per barrel today. OPEC+ members don’t want to see the oil price could go lower from here with possible big economic slowdowns. It looks like they’re preparing for the next big bear market.

In the agricultural markets, things are getting more complicated with possible Russian robbery and new attacks on Ukraine vessels. Today, the UN confirmed that Ukraine’s grain-loaded vessel will leave the port safely this weekend.

That news turned the grain market turn around in the South. So, can we trust the UN people this time?

The Ukraine government is saying there will be about 10 more vessels will be ready to depart ASAP with corn and wheat. That will be about 600K MT to the market. Not enough to make the market change its direction completely but enough to make feel safe.

Russians keep asking for the safe, undisrupted passage of their grains export to the world which doesn’t make sense at all. Today, One Russian vessel arrived at a Lebanese port full of Ukraine’s wheat flours, Lebanese unloaded them all and called Ukraine about it.

One Turkish trading company was involved in this incident. So, what’s the true story behind it?

Let’s wait and see for that Ukraine vessel safely leaves the port this weekend.