Tidbits
Weekly Export Inspections will be released today at 10:00 a.m. CDT.
Crop Progress and Conditions will be released after the close on Tuesday.
Yesterday morning, Cargill’s crush plant at Sidney, Ohio sent a text to farmers stating they were paying $10.50 for beans in November. Their website quote at the same time was 3 under the January, at $10.30. Early this morning, their website still was 3 under the January futures.
As on Friday China announced a $1.4 trillion debt package geared toward alleviating the growing liquidity crisis of local governments burdened by high debt and falling revenues, and did not include any direct stimulus measures to boost consumption. Meanwhile, China is facing ongoing deflationary pressures, with consumer prices rising only 0.3% in October, the slowest rate in four months, while producer prices fell 2.9%, marking the 25th consecutive month of deflation.
China's stimulus plan disappointed investors who were eying a bump in fuel demand growth which affected the decline in the price of crude oil by $2 to $68. The dip in prices comes even as more than a quarter of U.S. Gulf of Mexico oil production was offline in the aftermath of Storm Rafael.