You’d have to be unplugged on an island in the Pacific for the past three weeks to not have Tuesday on your mind. No matter that planting intentions are just that—intentions, not reality—or that market conditions already may be shifting plans, or that Mother Nature will cause other shifts, as she always does.
Grain stocks, issued the same morning, have drawn far less interest but they will be dissected as well for their implications regarding the second quarter of the marketing year. A key feature will be how much is still in farmer hands and how much at elevators.
Wednesday, the next edition of USDA’s monthly “Grain Crushings” report will be issued. This is based on a survey of processors and includes the amount of corn and grain sorghum used in ethanol production as well as how much byproducts such as feeds and corn oil are produced.
This week’s export inspections and export sales reports are likely to be treated as poor cousins amidst the excitement of the quarterly reports, especially with South American crops pouring into ports.
If you are concerned about what the dollar has been doing to exports, you might want to check out the International Trade report on Thursday. It looks at the general economy and provides a broad-brush view.
The government still has its monthly unemployment report scheduled for Friday. As traders assess how soon the Fed will raise interest rates, this report remains an important source of input. Further reductions in the unemployment rate will support sooner rather than later interest rate increases.