
Perspective: Morning Commentary for July 21
July 21 – The tech sector led stock futures higher overnight as investors anticipate major tech company earnings reports in the days ahead, while seemingly feeling immune to two wars half a world away that continue to escalate. It’s day #1,609 of Russia’s war on Ukraine, and day #144 of the war with Iran, with neither showing signs of culminating any time soon. These wars are in some of the world’s most critical locations for commodities essential for the global economy, and yet there remains little panic in the U.S. markets at this point. The VIX is trading below 18, while the dollar index trades near 101.0. Yields on 10-year Treasuries are trading near 4.61% this morning, while yields on 2-year Treasuries trade near 4.23%. WTI crude oil is trading near $85, while Brent trades near $91 per barrel. The grain and oilseed sector traded mostly in negative territory overnight after weekly crop ratings largely came in above trade expectations on Monday afternoon.

- Grains & Oilseeds
- Energy
- Dairy
- Renewable Fuels
- Cocoa
- Coffee
- Cotton
- Sugar
- Meats & Livestock
- Forest Products