After a brutal Monday, futures have been clawing back gains the past few days. Trading on Thursday was helped along by a U.S. Q4 2022 GDP number that pleased outside markets. Consumer spending underpinned a 2.9 percent increase in GDP, though there remain warnings of another shoe to drop. That angst will wait for another day.
One of the more fun developments of the day was word of a USDA official questioning the size of the Russian wheat crop while at a conference in Europe. Basically, if you believe the Russians are fighting Nazis then you probably believe their 100 MMT wheat production number. If Moscow brags that its Soviet-era tanks will destroy the West’s modern Leopard and Abrams tanks, are their grain numbers to be believed?...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
