It was a big day for market-moving reports with the WASDE report (see Matt Herrington’s analysis) and the Consumer Price Index (CPI) report from the Bureau of Labor Statistics (BLS). The CPI for food at home was up 1.4 in May, the fifth consecutive increase of more than 1 percent. For the year, the index rose 11.9 percent – the largest increase since April 1979 during the great stagflation. All six major grocery store categories increased, with five of them up more than 10 percent
Note that Meat Poultry Eggs and Fish was driven by a 32 percent increase in egg prices due to HPAI. Energy was up 34.6 percent. All items excluding food and energy, i.e., the “core inflation” the Federal Reserve watches, was up 6...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
