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Tidbits, Drought Monitor, ENSO, Broilers & Ethanol 7/4/24

The CBOT will start trading at 8:30 AM Central Time Friday. 


Highlights


Soybean oil leaped higher yesterday, with August up 1.6¢ per pound. Over the past 6 trading days, bean oil has added 76¢ of value to a bushel of soybeans (6.6¢ gain in value per pound of oil times 11.5 pounds of oil per bushel of soybeans). Tomorrow, we will get vegetable oil analyst Khawaja Haroon’s insights on the vegetable oil market.

 

The S&P 500 and NASDAQ were sharply higher and made new all-time highs yesterday as bad economic news is good news for the stock market. The Dow was slightly lower and ~700 points below its all-time high made in May.

 

Unemployment claims came in above estimates. ADP June jobs data showed 150,000 private sector jobs were added in June which was below estimates and down from the previous month for the third month in a row. Most Federal Reserve officials see US economic growth "gradually cooling" and view current interest rate "stance as restrictive." Last month’s meeting minutes state artificial intelligence is a "disinflationary" factor as it will improve productivity.

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