Tidbits, Economy, Russian Wheat, Broilers & Ethanol 5/31/24
- Wright team
- May 31, 2024
- 3 min read
Highlights
The USA GDP for the first quarter was reported at 1.3% versus 1.2% estimate. Jobless claims were 219,000 to 218,000 expected with the previous week revised up to 216,000. Goods trade balance was deficit $99.4 billion vs. $91.8 billion estimate. Goods and services combined balance is a bit better, but consistently negative since the 90s, meaning US imports more than it exports, and that is one of the reasons the national debt is ever rising.
A Federal Reserve “chit-chat” this week has been higher interest rates for longer with one board member talking about a possible rate increase. That sent the stock market sharply lower and spread a general gloomy attitude.
More rain is expected in the dry areas of Russia’s wheat production area and that trashed wheat yesterday and lower wheat pressured corn and, to a lesser extent, soybeans. The Russian wheat crop is made or lost in June, not May.
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