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BQC Morning Comments For Aug 14.24

MORNING COMMENTS
 

Macroeconomics: CPI continues to the trend of declining prices coming in at up 2.9% year-on-year vs. estimate of 3.0% and last month’s 3.0%. Month-on-month CPI was up 0.2% in line with estimate but up from last month’s 0.1% decline. The news is creating wide swings in macro markets coming in a little higher PPI and positive vs. last month’s decline yet still in line month-on-month. The US dollar is bouncing off overnight lows to trade nominally higher. Equities are mixed as of this writing with S&P and NASDAQ slightly higher while Dow trades lower.

Ag Fundamentals: It is scare news day this morning. Market looking for more export demand for US grains and beans. Ethanol production out this morning. NOPA crush is supposed to be out tomorrow but I am not seeing any information or estimates yet. Canadian railroads will be locking out workers after government mediators failed to find compromises on wages beating workers to a strike. Both the CN and CP are now shutting down hazardous shipments in preparation for worker lockouts at 12:01 AM on August 22nd. The grain industry is going no bid while processors scramble to keep products moving and plants operating and spring wheat harvest will be going full steam ahead by the lockout date.

Weather: Tropical Storm Ernesto is expected to become a hurricane impacting Puerto Rico but is not expected to hit the US mainland. Other weather remains ideal for US crop production. Heat stays deep in Texas with rains moving over the top. Next week temps cool in the east with a drier pattern expected just in time for the start of the ProFarmer tour.

 

Farmer on laptop

Export & World News

After missing target in it’s HUGE wheat tender, Egypt’s GASC is now negotiating privately to make large purchase of wheat. Jordan passed on tender to buy 120,000 MT of feed barley after receiving offers from six participants. South Korea bought 60,000 MT of soymeal expected to be sourced from South America.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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