Tidbits, Government Debt, China, Fuel, Pakistan & EU Crops, Broilers & Ethanol 9/24/26
Tidbits
Every U.S. Government debt instrument except the two-year Treasury note traded at levels with yields more than 5% yesterday. The 10-year Treasury bond yield traded at prices so low that the yield moved above 5% to a 20-year high at 5.14%! Higher interest rates are bearish for the economy for obvious reasons and especially commodities because the cost of storage increases. The higher storage costs are, the less likely grain will remain in storage.
China: The world markets’ focus will be tuned to the White House as China President Xi meets with President Trump for three days. Xi and his wife arrived in Washington around 6 PM yesterday and were met at Andrews Air Force base by President Trump and the First Lady. President Trump is doing all he can to impress Xi with respect.
China sold ~63% of the soybeans offered at auction Tuesday. A new auction was announced yesterday for next week of 514,000 mts of soybeans.
Flash Sales: The USDA announced yesterday morning 100,000 mts of old crop corn sold to Mexico.
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