Last week’s WASDE was reasonably uneventful, excluding the further reduction in anticipated global ending stocks in 2022/23. U.S. ending stocks increased just 10 million bushels from the October projection.
One factor being watched closely is that of inflation and/or additional interest rate hikes. The latest Labor Department report indicated CPI grew by 0.4 percent in October, lower than analysts’ expectations. Consumption continues to be the key to market direction moving forward, along with corn production in South America.
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