All Supreme Court decisions are highly secret until formal release through proper channels. About 7:30 PM Central time last evening, a copy of a 92 page Supreme Court decision to return abortion laws to the states was leaked to the press. Within an hour, a mob had gathered around the Supreme Court Building as police were hurriedly erecting barricades around the court house. This leak to the press means one of the Supreme Court Justices or a clerk broke the law and deserves prison time. No court decision has ever been leaked in the 244 year history of the court.
There will be chaos in Washington and around the country, especially in liberal states and cities. That includes Chicago where the CBOT and CME do their business. We are not predicting a disruption in futures trading, but it sure could happen. Mob violence in Chicago in 1968 came close to shutting the entire city down. There was a whole lot more law and order in Chicago in ’68 than there is now. We need to keep a close eye on the potential disruption of not only futures trading, but the entire transportation system could collapse. This could bring down the US government as liberals will not obey the law. The key will be what will conservatives do as the liberals trample the Constitution. The Biden Administration, Justice Department nor the FBI will protect the Constitution.
Even though China was on the Annual Communist Holiday of May first, China’s Purchasing Managers’ Index (PMI) for April was stated to be 47.4 compared to 49.5 reported for March. A PMI of 50 means the industrial companies’ buyers for raw materials expects to buy the same amount of inputs the next month as the previous month. PMI is a reliable indicator of short term business consumption of energy as well as all other inputs. China is the world’s largest buyer of crude oil and crude took a nasty $4+ thumping yesterday morning, but closed higher.
Lower crude hurt beans and corn (less biofuel demand) and then Indonesia said the two-month ban on its exports of refined palm oil will end after one month. That gave beans an extra kick in the head and technical selling kicked-in, but the major area of support held on July beans and November beans never got close enough to test intermediate support area.
Safrinha crop in Brazil is hurting for water in Mato Grosso, which grows more than a third of Brazil’s corn. A wide area of Moto Grosso will have the driest April to 10 May in the last ten years. And it was really dry last year.