Tidbits, PMI, China, Ukraine, Wheat Conditions, Broilers & Ethanol 4/24/25
- Wright team
- Apr 24
- 5 min read
Tidbits
StoneX’s fertilizer guy, Josh Linville, reports NOLA urea values have hit $450 for the first time since the end of 2022. For reference, 2022 ended with December corn prices at $6.00.
South Korean flour mills bought 50,000 mts of milling wheat from the U.S.
Jordan has issued a tender to buy up to 120,000 mts of milling wheat.
The S&P Global Composite (services and manufacturing) Purchasing Managers Index (PMI) for the U.S. was reported at 51.2, down from last month’s 53.5 slightly better than the market expectation of 51.0. The manufacturing PMI was 50.7, up from last month’s 50.2 and much better than the 49.5 expected by the market. The services PMI numbers were 51.4, 54.4 last month and 52.0 expected. PMI is a forward-looking economic indicator. A PMI of less than 50 means purchasing managers plan to buy less supplies and raw materials for their business than they did during the previous month.
Federal Reserve Gov. Adriana Kugler said on April 22 that she supports holding interest rates steady because of ongoing inflation risks and new tariffs, in the latest indication that the central bank is not preparing to cut rates anytime soon.
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