Western sanctions have bolstered interest by China and Russia in creating a third reserve currency to challenge the dollar and the euro. There is discussions of creating a BRICS (Brazil, Russia, India, China, South Africa) based basket currency similar to the IMF’s SDR’s. After all, China does not want to confront the potential economic sanctions imposed on Russia, particularly expulsion from the SWIFT system. And there is a definite asymmetry when considering the value of the euro and dollar in international settlements versus the respective economies’ share of global GDP.
The British pound (and Franc/Deutschemark) were replaced by the dollar, and then the dollar was competed with the euro, so nothing is permanent. But...
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...
