Highlights
The April CPI (inflation at the retail level) shows the US inflation rate the past 12 months was 4.9%, below the expected 5.0%. This is the 10th consecutive monthly drop in the US inflation rate. We get the PPI (inflation at wholesale level) tomorrow. Note the chart of US inflation rate since 2005:
We are 9 days into the CBOT May deliveries. There has not been any corn delivered on a May futures contract, not one. That is bullish, Folks, very bullish!
USDA will issue its monthly S&D tomorrow at 10 AM Mountain Time. It will include the first look at 2023 harvested crops.