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Wednesday, May 29, 2024 11:45:46 AM
The Corn & Ethanol Report
By: Daniel Flynn | May 29, 2024
We kickoff the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., Redbook YoY at 7:55 A.M. Richmond Fed Manufacturing Index, Richmond Fed Manufacturing Shipments Index, and Richmond Fed Services Index at 9:00 A.M., Dallas Fed Services Index and Dallas Fed Services Revenues Index at 9:30A.M., 17-Week Bill Auction and 2-Yesr FRN Auction at 10:30 A.M., 7-Year Note Auction at 12:00 P.M., Fed Williams Speech at 12:45 P.M., Fed Beige Book at 1:00 P.M., API Energy Stocks at 3:30 P.M., and Fed Bostic Speech at 6:00 P.m.
Global corn markets ended weak as Argentine fob offers become more aggressive and the threat of late seeding dates in the US has come and gone. The US crop on Sunday was 83% planted vs. 82% on average and Ag Resources (ARC) expects the crop to be fully seeded within the next week. The absence of drought and coming rainfall in key areas of Kansas bode favorably for early-season crop health/ratings- which will be published next Monday at 3:00 P.M. 70% + Of the crop will be rated as good-to-excellent – a favorable start. US demand expansion lingers in the backround as drought in Mexico worsens and as a new threat emerges in Ukraine if warmth & dryness extends into summer. But wide-swinging price trend is forecast nearby. Us corn stocks contraction/enlarged export demand is a crop year phenomenon. N Hemisphere weather dominates daily action nearby. A trading bottom should form in corn early next week with the release of the season’s 1st Crop Condition rating.
On the economic front, a better than expected Consumer Confidence data released yesterday was better than expected , and hard to believe, also Fed Kashkari hinted another rate hike is possible, but could the banks sustain it? He initially said he wants to see significant improvement in the economy before the Fed will even think of cutting rates. Well Stop Printing Money! The Federal Housing Finance Agency reported that the average price for a single-family home with a mortgage guaranteed by Fannie Mae or Freddie Mac rose by 0.1% in March and was 6.7% higher than a year ago. The FHFA Housing Price Index rose to a record high of 423.42, marking the 145th consecutive month of year-over-year gains. Last weeks Mortgage Bankers Association report showed that the average mortgage rate remains above 7%, which has kept mortgage demand suppressed and near 27-year lows. Consumers are unwilling to give up their low-rate mortgages to chase rising house prices.
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DiscoverGold
By: Daniel Flynn | May 29, 2024
We kickoff the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., Redbook YoY at 7:55 A.M. Richmond Fed Manufacturing Index, Richmond Fed Manufacturing Shipments Index, and Richmond Fed Services Index at 9:00 A.M., Dallas Fed Services Index and Dallas Fed Services Revenues Index at 9:30A.M., 17-Week Bill Auction and 2-Yesr FRN Auction at 10:30 A.M., 7-Year Note Auction at 12:00 P.M., Fed Williams Speech at 12:45 P.M., Fed Beige Book at 1:00 P.M., API Energy Stocks at 3:30 P.M., and Fed Bostic Speech at 6:00 P.m.
Global corn markets ended weak as Argentine fob offers become more aggressive and the threat of late seeding dates in the US has come and gone. The US crop on Sunday was 83% planted vs. 82% on average and Ag Resources (ARC) expects the crop to be fully seeded within the next week. The absence of drought and coming rainfall in key areas of Kansas bode favorably for early-season crop health/ratings- which will be published next Monday at 3:00 P.M. 70% + Of the crop will be rated as good-to-excellent – a favorable start. US demand expansion lingers in the backround as drought in Mexico worsens and as a new threat emerges in Ukraine if warmth & dryness extends into summer. But wide-swinging price trend is forecast nearby. Us corn stocks contraction/enlarged export demand is a crop year phenomenon. N Hemisphere weather dominates daily action nearby. A trading bottom should form in corn early next week with the release of the season’s 1st Crop Condition rating.
On the economic front, a better than expected Consumer Confidence data released yesterday was better than expected , and hard to believe, also Fed Kashkari hinted another rate hike is possible, but could the banks sustain it? He initially said he wants to see significant improvement in the economy before the Fed will even think of cutting rates. Well Stop Printing Money! The Federal Housing Finance Agency reported that the average price for a single-family home with a mortgage guaranteed by Fannie Mae or Freddie Mac rose by 0.1% in March and was 6.7% higher than a year ago. The FHFA Housing Price Index rose to a record high of 423.42, marking the 145th consecutive month of year-over-year gains. Last weeks Mortgage Bankers Association report showed that the average mortgage rate remains above 7%, which has kept mortgage demand suppressed and near 27-year lows. Consumers are unwilling to give up their low-rate mortgages to chase rising house prices.
Read Full Story »»»
DiscoverGold
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