The World Bank expects global economic growth to be 1.7% in 2023 and 2.7% in 2024 with the Russian economy to contract by 3.3% in 2023 and expand 1.6% in 2024.
Goldman Sachs, on the other hand, said the US economy may avoid a recession entirely. They are a lone wolf among Wall Street firms and economic think tanks. For those of you who have been with us for a while, know we have been saying the same thing for several months. Goldman goes so far to say the EU may also dodge the recession bullet. Goldman cites the crash of natural gas prices in Europe, China’s 180° turn on Covid restrictions and they see inflation easing sooner than they previously expected.
Benson-Quinn’s J.R. Edmondson on the wheat Tuesday morning:
"Wheat traders are beginning to realize that the acreage expectations for Thursday's USDA report might be way too low. Some areas in the SRW growing areas are reporting a considerable increase in planted acres, as the wheat/bean double crop rotation penciled out quite nicely when wheat was planted in October ($9 futures). If the selling trend persists through today and tomorrow, I have half a mind to believe that it could be mostly priced in. In some instances, it feels like North America might be getting a little cheap compared to other world wheat prices."