The Consumer Price Index report for November showed U.S. inflation eased to 7.7% annual rate from 8.2% in September. The slowdown with inflation was so bullish the Dow Jones Industrial Average rose nearly 1,200 points, the best one-day gain since 2020.
This was quite the week with major agricultural and financial reports due for release and the midterm elections also being held. From Monday until Friday, there was plenty to keep one busy, excited or frustrated.
The average consumer seems to think about nutrition in a way that’s similar to experts, according to the Consumer Food Insights Report, which assesses food spending, consumer satisfaction and values, support of agricultural and food policies, and trust in information sources.
The lyrics of a Grateful Dead song, “What a long, strange trip it’s been,” could best sum up the past few years and the impacts continue turning toward 2023. Jeff Cecil, Syngenta Crop Protection marketing head, kicked off a media summit with a look at hot topics and trends in ag.
From the Columbia Missourian newspaper: “Harry Truman remains near the top of a list of U.S. presidents ranked this year by C-SPAN, the public affairs TV network.
The Federal Reserve is finding it harder to cool the economy than almost anyone expected. Most corners of the U.S. economy are performing very well considering the Fed has been aggressively raising rates for seven months.
Football games on TV, combine harvesters rolling through farm fields and pumpkin patches are all signs that fall is officially here. This year, we can add in political attack ads on TV and campaign signs dotting the countryside to the mix, as well.
Over the past month, well-respected brokerage firms, legendary money managers and market forecasters with excellent track records have been predicting the U.S. and global economies are poised to slip into a recession.
Farmer sentiment about the ag economy declined again in October, according to the Purdue University CME Group Ag Economy Barometer. The barometer fell to a reading of 102, down 10 points from September. Farmers expressed concerns about both current and future conditions.
The U.S. Department of Agriculture’s supply and demand estimates and crop production reports featured a mixed bag of many moving parts for the trade to digest. Arlan Suderman, StoneX Group chief commodities economist, gave his insight on the USDA reports in a webinar.
U.S. dairy exports are growing at twice the rate of consumption by American consumers. “In 2021 we had a record year for volume and value of U.S. dairy exports,” said Megan Sheets, senior director of strategic development and strategic insights for the U.S. Dairy Export Council.
Fears are growing that the Federal Reserve is pushing interest rates too high too fast and the results will lead to a recession — a Fed-induced recession that could be far more severe than many expect.
The big news rattling the entire Big Four — stocks, bonds, currencies and commodities — was the Federal Reserve lifting interest rates for the third consecutive time this calendar year by 75 basis points, the fifth increase of the year.
The number of Americans filing for jobless benefits dropped, a sign that few companies are cutting jobs despite high inflation and a weak economy. Applications for unemployment benefits for the week ending Sept. 24 fell by 16,000 to 193,000, the Labor Department reported.
There were two big events the stock and commodity markets faced this week, as well some breaking news that was positive for U.S. grain producers. As a result, this week was one for the record books by any measure.