Tidbits
Asia markets opened today with an increasingly bullish global backdrop fueled by continued strength in U.S. stocks, but with local sentiment more circumspect due to the uncertainty surrounding China's deep-rooted economic problems, but China continues to address those problems.
The People's Bank of China is expected to cut its loan prime rates today as Beijing's latest move in a series of monetary, fiscal, and liquidity support measures to shore up the imploding property sector, revive growth, and fight off deflation. Rumors include the Central Bank of China plans to cut the reserve deposit requirement ratio for the third time this year to make more money available to loan to businesses and consumers.
This afternoon’s harvest progress report will probably show more acres harvested last week than any week ever before in the U.S. That will be considered friendly to the markets because there is less to come to the market in the weeks ahead. Corn basis continues to firm in surprising places, like many areas of Iowa.