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Tidbits, Employment Report, China’s Feed Demand 10/5/24

Tidbits


Yesterday morning, the USDA announced the sale of 116,000 mts of old crop soybeans to China and 198,000 mts of old crop corn to unknown. On its weekly tender, Japan bought 137,000 mts of milling wheat from the US, Canada, and Australia. Saudi Arabia is still looking for 295,000 mts of hard milling (bread) wheat.

 

Estimates for yesterday morning’s employment report were forecasting an increase of 147,000 non-farm jobs, a 0.3% increase in hourly earnings, and an unchanged unemployment rate at 4.2%. Instead, the U.S. added 254,000 new non-farm jobs in September, hourly wages increased 0.4%, and unemployment was 4.1%. This news reduces the probability of another interest rate cut this year. The next Fed meeting is 6 and 7 November.

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