This week’s action:
Corn March up 4 at $6.81
Beans March up 11 at $15.43
KC Wheat March up 38 at $9.10
Feeders March up .40 at $186.40
Fats April down .175 at $164.025
Hogs April down 2.825 at $83.275
Corn Dec23 flat at $5.96
Beans Nov23 up 10 at $13.79
KC Wheat July23 up 26 at $ 8.83
Spring Insurance Price so far:
Corn Dec23: $5.95
Beans Nov23: $13.69
Current Ratio: 2.31:1
Recap:
Wednesday’s WASDE didn’t provide any fireworks or wild surprises, which matches up with history. We’ll be back to trading South American weather, US demand and potential US acres for the foreseeable future. Analysis of USDA February 8th reports – in simple terms…
Forecast:
Heat is predicted to return to Argentina next week while also removing some chances of rain. This continues dryness into March. Expect USDA to reduce corn and soybean production to some extent in the March WASDE.
Outside Markets:
Overall, inflation has slightly declined in recent months but is clearly still affecting everyday Americans. Inflation cooled to 6.5% in December (down from 7.1% in November and well off its peak of 9.1% in June of 2022), while grocery costs increased nearly 12%. On the services index, housing, transportation, and medical care have all increased by 7% compared to 2022.
According to a New York Post survey that was revealed earlier this week, 50% (FIVE-OH) of Americans who earn over $100,000 annually are living paycheck to paycheck. With roughly 332 million people living in the United States, ~166 million Americans are living paycheck to paycheck. The survey was conducted by two separate firms and revealed worrisome metrics on what should be a comfortable income for American households. At the conclusion of 2021, the data showed only 42% of six-figure earners were living paycheck to paycheck, so about an 8-9% increase year over year. Even more alarming, 64% of US Consumers stated they are living on “razor-thin budgets each month.”
Per Business Insider, 25% of adults aged 24 to 34 live with their parents.
A recent Fannie Mae survey found 82% of Americans believe it is a bad time to buy a home; about 15% more than one year ago. A recent stat was published claiming homeowners have a 35x average net worth than renters. ($225,000 vs $6,300)
Something that Probably Means Nothing:
Ford Motor Company total recalls in 2012: 1.1 million
Ford Motor Company total recalls in 2022: 9.8 million