Grain Express 9/14/22
Posted: Sept. 14, 2022, 8:34 a.m.
Inflation
Yesterday's CPI (Consumer Price Index) data came in hotter than expected, which means inflation is still on the rise. This sent the USD sharply higher. This morning's PPI (Producer Price Index) data was largely within expectations.
Rail Strike
Concerns are growing as we get closer to a deadline to resolve issues regarding the rail unions. The White House is looking at other options if the strike goes forward. Rail shipments for some chemicals such as ammonia (important input of fertilizers) have already been halted out of caution of stranded hazardous materials. This could also have big implications for local basis.
Weekly Export Sales
Weekly export sales are set to resume tomorrow morning. We are expecting to see the August 18th and August 25th data combined into one report. Separate reports are expected for September 1st and September 8th.
Sanctions
The United States is considering options for a sanctions package against China to deter it from invading Taiwan. There's not much more information on what this would include, but we will keep you posted as this story develops.
Corn
The Bears were able to defend the technically and psychologically significant $7.00 handle. That failure has taken prices back to 682-685. As mentioned in yesterday's report, this was previous resistance and will now act as a support pocket. A failure here could trigger additional long liquidation.
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Soybeans
November soybean futures poked their head above $15.00 yesterday but reversed following yesterday morning's inflation data that sent the dollar higher and commodities lower. The inflation data this morning was largely in line with expectations, which has the market a little calmer in the early morning hours. First support this morning comes in from 1459 1/4-1467.
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