We kicked off the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Market Index, MBA Mortgage Refinancing Index, and MBA Purchase Index at 6:00 A.M., Employment Cost Index, Benefits, Wages, and bottom line QoQ, and Treasury Refunding Announcement at 7:30 A.M., Chicago PMI at 8:45 A.M., Pending Home Sales MoM & YoY at 9:00 A.M., EIA EnergyStocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Fed Interest Rate Decision at 1:00 P.M., Fed Press Conference at 1:30 P.M., and Dairy Products Sales at 2:00 P.M.Image Source: Unsplash
The average price of single-family homes with mortgages guaranteed by Fannie Mae and Freddie Mac during May was unchanged from April. However, the FHFA House Price Index remained at a record high of 425, or 425% of January 1991. Compared to a year ago the index was 5.7% higher, marking the 147^th consecutive month of gains since February 2012, home real estate values have appreciated at an average annualized rate of7.3%. Since the start of the century, home real estate values have appreciated at an average rate of 5%, due to the 2007-2012 housing crisis and financial recession, Homeownership continues to be one of the best investment for families and individuals. Unfortunately, tight inventories and high interest rates have elevated barriers to entry for first-time homeowners, as the median US house price is now affordable for the median family income.Strong storms to move across IA/E Midwest; Cooler Temps Forecast across the N Midwest After Aug 7^th: Central US remains consistent in projected additional rainfall across the Great Lakes & E Midwest into the weekend – though rather strong t-storms are anticipated – while rapid soil moisture loss continues across the US Plains and SW Midwest. NOAA’s 7-day precipitation outlook is vied as mixed, and key is whether cooler temps flow from Canada to N Plains & Midwest after Aug 7^th . High temps today in TX, OK, and KS reach on Wed. Rain stays absent from the plains through next101-106 degrees. Similar readings will blanket the Southern and Central Plains, MO, AR, and southern Illinois on Wed. Rain stays absent from the Plains through next Thursday. Extended range forecast do project temp moderation and better rain chances in KS after August 7^th. Details of this pattern shift will be monitored between now and late week.The rapid drying Plains weather trend demands better rains in mid-August. We also have a large tropical wave located 200 miles east of the Lesser Antilles is producing thunderstorm activity. Interests in the Greater Antilles, Bahamas, Florida, Southeastern US, and the Gulf.Bloomberg News is reporting that US Lawmakers are pressuring the Biden Administration to address widespread reports of fake Chinese used cooking oil (UCO) has been imported into the US. 11 House members pressed Biden and EPA head Regan in a letter to show that UCO coming into the US is not made with virgin vegetable oil that is adding envi fronmental damage, ADM stated in its quarterly earnings call yesterday that the company is seeing “significant moderation” in UCO imports. EIA will release its May feedstock usage and plant capacity report on Thursday which should reflect expanding soybean oil use in renewable fuel production corn & soybeans are looking good in southern Wisconsin & northern Illinois and the CBOT is awaiting the arrival of Chinese soybean buying of US soybeans which has been seasonally slow to develop. Cash connected sources are confident that China will secure sizable quantities of US soybeans – it’s all about timing! China has booked about 1 MMT’s of Brazilian corn via vessel counts which is 5 MMT’s below last year’s record sales pace. With US corn cheaper than Brazilian offers, China maybe considering its options on future corn demand. Brazilian corn has not retreated as fast as the US based on farmers not wanting to sell below the government’s minimum price offer. US corn prices are doing their job in trying to secure demand.More By This Author:Economy-Weather And Market Madness. The Corn & Ethanol ReportMoney Supply Revealed Anemic Economy. The Corn & Ethanol ReportCritical Stage With Weather. The Corn & Ethanol Report