May CBOT options expire today.
Thursday saw disappointing jobs data, housing data, Philadelphia Manufacturing Index and Leading Economic Indicators all indicated a recession is in the near future for the USA. Meanwhile, a Federal Reserve governor reminded the news media how important it is to continue to remain strong in the fight to control inflation. He said interest rates must be increased.
So, four economic reports yesterday indicated a recession will be upon us in a few months and the Federal Reserve officials remain very vocal about the need to choke the economy to control inflation.
Weekly export sales were very disappointing when reported early yesterday morning, which prompted all the bears to talk the rest of the day about terrible demand. Wheat traded yesterday as if the rain in Kansas made a record wheat crop.
Drew Lerner of World Weather, Inc. yesterday explained a repeating 62-day cold cycle in North America is due to return in the second half of April. This year’s 62-day cycle first appeared Oct. 14, 2022.