At 10 AM Mountain Time today the USDA will release its Planting Intentions and Quarterly Grain Stocks Report. This is the second most important USDA report of every year. As with most USDA reports, the market expected bearish news and priced-in bearish news the past two days. It is unlikely the USDA will produce numbers more bearish than what is reflected in the futures prices.
Today is the last business day of the week, the month, and the quarter. Crazy things can happen on such days even without a major USDA report. As always, do your best to keep emotions to a minimum when it comes to marketing decisions. After today, markets will settle down to weather and demand numbers until late June when we get Actual Planted Acres and another Quarterly Grain Inventory.
Highlights
Chinese leader Xi Jinping met with a group of American business leaders in Beijing yesterday, including Blackstone’s Stephen Schwarzman and Qualcomm’s Cristiano Amon, as he seeks to restore confidence in China’s shaky economy.
“China’s reform will not stop and its opening-up will not stop,” Xi said. The country is planning “major measures to comprehensively deepen reforms” and build a “first-class business environment.”