{"id":188428,"date":"2023-04-12T11:15:00","date_gmt":"2023-04-12T15:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=188428"},"modified":"2023-04-12T10:57:43","modified_gmt":"2023-04-12T14:57:43","slug":"a-connection-between-commodities","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/a-connection-between-commodities\/","title":{"rendered":"A Connection Between Commodities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-at-a-glance\">AT A GLANCE<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gasoline and diesel are more relevant points of comparison for agriculture prices than crude oil itself<\/li>\n\n\n\n<li>A shortage of refined products may explain why corn, wheat and soybean prices haven\u2019t fallen in line with crude oil<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s been clear for many decades that crop prices are heavily influenced by the price of energy. But which energy product is the best one to look at?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cmegroup.com\/openmarkets\/economics\/2023\/A-Connection-Between-Commodities.html\">Click Here To Watch Video<\/a><\/p>\n\n\n\n<p>The temptation is to start with crude oil. Indeed, for much of the past two decades, the prices of corn, wheat and soybeans have been closely linked to the price of West Texas Intermediate (WTI) Crude Oil. When WTI prices are high, crops prices tend to be high, and vice versa.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1018\" height=\"602\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091323.png\" alt=\"WTI Crude Oil and wheat and corn\" class=\"wp-image-188431 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091323.png 1018w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091323-700x414.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091323-300x177.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091323-768x454.png 768w\" data-sizes=\"(max-width: 1018px) 100vw, 1018px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1018px; aspect-ratio: 1018\/602;\" \/><\/figure>\n\n\n\n<p>However, crop prices seem to be even more closely linked to the prices of gasoline and diesel than they are to crude oil itself. This makes sense because farmers don\u2019t farm with crude oil. They plow their fields, harvest their crops and transport them to market with machinery that is powered by gasoline or diesel engines, making these more relevant points of comparison for agriculture prices.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"977\" height=\"602\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091238.png\" alt=\"Ultralow Sulfur Diesel\" class=\"wp-image-188430 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091238.png 977w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091238-700x431.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091238-300x185.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091238-768x473.png 768w\" data-sizes=\"(max-width: 977px) 100vw, 977px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 977px; aspect-ratio: 977\/602;\" \/><\/figure>\n\n\n\n<p>The output side is important as well. Ethanol from corn gets added to many gasoline blends, whereas soybean oil can be added principally to diesel fuels.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1062\" height=\"601\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091206.png\" alt=\"\" class=\"wp-image-188429 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091206.png 1062w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091206-700x396.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091206-300x170.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-12-091206-768x435.png 768w\" data-sizes=\"(max-width: 1062px) 100vw, 1062px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1062px; aspect-ratio: 1062\/601;\" \/><\/figure>\n\n\n\n<p>So what\u2019s happening with the oil product markets? Well, crude oil prices have been falling, but diesel and gasoline prices have remained high amid a shortage of refined products. This may explain why corn, wheat and soybean prices haven\u2019t fallen in line with crude oil.&nbsp;&nbsp;<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted April 10, 2023 &#8211; <a href=\"https:\/\/www.cmegroup.com\/openmarkets\/economics\/2023\/A-Connection-Between-Commodities.html\">A Connection Between Commodities<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been clear for many decades that crop prices are heavily influenced by the price of energy. But which energy product is the best one to look at?<\/p>\n","protected":false},"author":449,"featured_media":188429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,21,5,6,8,9,1031,26,3],"tags":[429,147,251,1056,815,252],"contributors-categories":[13577],"class_list":{"0":"post-188428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-commodities","9":"category-europe-middle-east-africa","10":"category-north-america","11":"category-region","12":"category-securities","13":"category-south-america","14":"category-text-articles","15":"category-traders-insight","16":"tag-agriculture","17":"tag-commodities","18":"tag-corn","19":"tag-crude-oil","20":"tag-gasoline","21":"tag-wheat","22":"contributors-categories-cme-group"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A Connection Between Commodities | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"It\u2019s been clear for many decades that crop prices are heavily influenced by the price of energy. 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