WPI analyst Matt Herrington called it correctly when he referred to yesterday’s market as the calm before the WASDE storm. It should be noted that the market often shrugs off the impact of USDA adjustments provided they are still within the range of estimates. All of today’s adjustments were within the range of analysts’ guesses in the pre-report Reuter’s poll. But many of the changes were larger than the average of the estimates. After a lackluster morning of trading, the noon-released report lit up the board for the rest of the session and moved it from mostly red to a nearly solid green. Key Takeaways
The market expected a reduction in the 2023/24 corn crop but the nearly half-percent cut was more...
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...
