CPI finally falls below fed funds rate for first time in years
April’s Consumer Pricing Index (CPI) was announced midweek up 0.4 percent from March, slightly below market expectations. The monthly increase cooled the annual rate of inflation down to 4.9 percent. Hourly earnings, adjusted for inflation, rose just 0.1 percent, still down 0.5 percent YOY. This [...]
Slight uptick for cocoa futures ending first week of May
Most-active Jul-23 NY cocoa trailed lower over the last week in April to a three-week low before rebounding May 4 and May 5 back above $2,9000 and the 20-day moving average to close the week at $2,933. Sep-23 NY cocoa also rebounded from a three-week high [...]
Weather risk premium reenters soy complex
Spot soybean futures rose 30 cents last week. New-crop soybean futures continued to hover near two-year lows. Soybean oil prices rose about 1.5 cents per pound last week. Argentina’s low soybean crop projections are falling further. Abandoned acres could be historically high, above 5 million acres, [...]
U.S. sorghum, barley, & oats supply to increase in the 2023/24
Feed grains range from corn, sorghum, oats, barley, and rye, to millet with corn influencing the global outlook of total feed grains. The four major feed grains in the U.S. remain corn, sorghum, barley, and oats. USDA projected the planted area for sorghum in the [...]
USDA debuts 2023/24 world oilseed forecasts
Global oilseed trade is forecast to increase 1 percent due to soybean import demand offsetting lower rapeseed and sunflower seed imports. Slowing economic growth in China and the EU, growing domestic oilseed production, and South America’s continuing expansion of soybean-planted farmland are likely to pressure [...]
Nonfat dry milk stocks rise, butter holds
With the U.S. now at peak flush, dairy operations are in full swing as processing plants cope with the abundant milk supply across the country. With higher cow numbers in the national herd and YOY yield, there is approximately 1 percent more milk around this [...]