Highlights
This is Friday before a harvest weekend. Look at the weather across the Corn Belt and decide if pre-hedging pressure is a reason for you to make a minor adjustment to your marketing plan for the day. Also, the USDA Quarterly Grain Stocks Report is Monday at 10 AM Mountain Time.
Chinese leaders pledged to deploy “necessary fiscal spending” to meet their economic growth target of 5%. There are reports that China is considering injecting 1 trillion yuan of capital into its biggest state banks to increase their capacity. That news had world stock markets higher yesterday morning. Logically, one would expect crude oil would also be higher if the world’s leading importer of crude oil is going to do whatever it takes to boost its economy. However, crude went sharply lower yesterday as the crude market expects China’s economy to sputter.