The Egyptian pound was devalued by 1.2 percent last week as the country's importers still face difficulties making their payments in U.S. currency. Most major grain importers are doing so through banks outside of Egypt, but their smaller counterparts are dependent upon the domestic banking system.
Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt’s central bank devalued the Egyptian pound by just over 1.2 percent last week, putting the official exchange rate at 7.93 to the USD. Secondary market prices for the U.S. dollar are about 0.40 higher. Egyptian importers are still facing a very difficult situation regarding their ability to make payments in U.S. currency. This type of transaction previously took days to co...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
