Highlights
Those traders who are short anything related to grains and oilseeds were buyers yesterday as well they should have been given the drought monitor and the 8 to 14 day forecast for the Corn Belt and Canada.
US Treasury Secretary Janet Yellen announced she expects to be able to make payments on US debt up until June 5, four days longer than her earlier estimate. While that is good news, it also allows negotiators more time to make demands.
Yesterday, negotiators narrowed differences, but the big issue is the Republican insistence on “work requirements” for the millions on welfare if they want assistance for food or medical care. President Joe Biden has rejected that condition to avoid default. President Ronald Reagan convinced a Democratic House and Senate to enact work requirements about 40 years ago for able bodied welfare recipients and the welfare cost to the government was reduced by two-thirds within a year.