Markets - General
From CPI to a “trade deal”, headlines throughout the day did little to move markets in a meaningful way. Here’s what caught our eye in today’s trade.
Sen. Chuck Grassley (R-IA) says one of the challenges the U.S. is dealing with is trying to negotiate agreements with 18 of its biggest trading partners simultaneously. Grassley would like to see a dialed-back strategy used instead.
Jerry Gulke, president of the Gulke Group, says the gains were impressive considering the ongoing uncertainty regarding weather, trade and the geopolitical environment.
According to the latest USDA data released from the U.S. Meat Export Federation, beef exports to China dropped 70% in April and pork exports fell 35%. With trade talks ongoing, there is optimism for the remainder of the year.
Corn futures got hit hard last week, and last month. Prices have found their footing to start June, but the Bulls have their work cutout for them.
The grain markets were lower for the week, except for hard red spring wheat. Jerry Gulke, president of the Gulke Group, says he thinks the pressure was largely in response to this week’s surprising trade developments.
It was a mixed bag across assets in Wednesday’s trade with equities relatively quiet while some commodities saw more movement. Here’s what caught our eye in today’s trade.
CFTC says expanding trading hours would ensure markets remain vibrant, while commercial hedgers and commodity brokers who work with farmers say it will fuel volatility and won’t make the markets stronger.
Wednesday was a busy day for markets, ranging from metals and energies to grains and indices. Oliver Sloup got some added insight from Market Strategist Phil Streible and Head of Research Dan White.
The bearish tone of the grain markets, especially corn and bean oil, stems from a lack of progress on tariffs and trade deals as well as speculation regarding the blending mandates for biomass-based diesel.