This is the limbo period between the expectations and reality of a new crop going into the ground. Prices gyrate in a narrow range, awaiting something more definitive than planting “intentions.” The bears see a planting pace off to a quick start, the bulls see ground that in many places is dry, and in some parts, it is too cool. So we go sideways, with each side hanging on to their perceived narrative. The changes in commodity values in recent weeks have included the following:
All three wheats finished higher for a second straight week. Corn was also higher for a second week. Soybeans and live cattle were down for a second week. Lean hogs gained a fraction this week after losing value in the three previous weeks. ...
Macro: Relief Meets Reality July’s CPI report matched expectations. Headline inflation eased to 3.4 percent year over year, while core inflation declined to 2.5 percent. On a monthly basis, headline CPI rose 0.1 percent and core increased 0.2 percent. Equities and the U.S. dollar traded h...
Key Takeaways: Corn yield came in below expectations at 180.7 bushels per acre, validating WPI’s view that last year’s exceptional yield may have anchored analyst estimates higher. Despite slightly higher production for corn, stronger export projections tightened the balance sheet,...
