Highlights
There was a lot of US and world economic news yesterday. While none of it was terrible, none of it was as “good” as expected. For example, unexpectedly, the Central Banks of Australia and New Zealand raised interest rates by 50 basis points (half a percent).
Argentina did announce its third soy/dollar deal, which begins Saturday. The conversion will be 300 pesos per US dollar vs. the official exchange rate of 210 pesos. That is a 42.5% over the market premium. That premium will be offset by inflation within 43 days unless they spend it immediately on real assets, like crop inputs or machinery.
Yesterday, USDA announced the export sale of:
125,000 mts of old crop corn to unknown
276,000 mts of old crop soybeans to unknown