Highlights
The Labor Department reported yesterday morning the Consumer Price Index (CPI; inflation at the retail level) increased 0.2% in October, taking the 12-month inflation rate up to 2.6%. Both numbers were in line with expectations. Later this morning, we will get the Producer Price Index (PPI), the measure of inflation at the wholesale level. The market expects it was up 0.2% in October as was the CPI.
CPI chart for the last years:
On Ag Talk, a Cherokee, Iowa farmer said late yesterday morning there was a bid of $4.75 for corn delivered by 22 November. That would be 48 to 50 over the December futures.
Yesterday morning, the USDA announced the sale of 401,357 mts of old crop corn to Mexico and 290,820 mts of old crop corn to unknown.