Highlights
Yesterday morning, the consumer price index for May was unchanged from April and up 3.3% for the past 12 months. Core CPI was up 0.2% in May (+0.1% expected), which was lowest since April 2021. April’s core CPI was +0.3%.
The Federal Reserve announced yesterday afternoon it will hold interest rates steady and pushed out the start of rate cuts to as late as December, projecting only one 25 basis points (one-fourth percent) rate reduction for the year.
China’s economic data out early Wednesday was bearish beans, but the weaker price data provided an excuse for China’s government to issue more stimulus money.
Brazil's Congress rejected the President’s proposed tax credit changes, removing the topic from the agenda. Farmer selling of corn and soybeans was slow as producers are testing the market.