We kicked off the day with Core PCE Prices MoM & YoY, Personal Income MoM, Personal Spending MoM, Trade Balance Adv., PCE Price Index MoM & YoY, Retail Inventories Ex Autos MoM Adv., and Wholesale Inventories Adv. At 7:30 A.M., Michigan Consumer Sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Current Conditions Final, and Michigan Inflation Expectations Final at 9:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.The final figure for the US 2nd quarter GDP was revised up 3% from the 2nd estimate of 2.9% and the 1st quarter GDP of 1.6%. Upward revisions to private investment, federal government spending, and imports offset downward revisions to non-residential fixed investment and exports. Nominal GDP grew by $393 billion in the 2nd quarter, exceeding the $245 billion increase in the Federal debt for the 1st time in the previous 4 quarters. However, the federal debt of $34.8 trillion was 120% of the nominal GDP, which amounted to $29 Trillion. On a per capita basis, nominal GDP amounted to $86,400, while Federal Debt was $103,700.Hurricane Helene’s impact has six states in a State of Emergency. Flood levels are at 2 feet and growing with saturated ground and rivers rising. Last count over 2 million people are without power and growing. These numbers are going to grow exponentially. Too early to assess the total damage and will not be able to get a handle on it until next week as the storm is tearing through our southern states.Flash Flooding will be realized that has never been seen in our lifetime inland and tornados are rampant in the path of this storm. It is the largest storm in the Gulf of Mexico and this is far from over.
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CBOT Corn Corrects On Tepid Export Sales:Dec CBOT corn again paused at $4.15-$4.20 chart resistance. The correction followed confirmation that the rally in US Gulf basis hindered export demand from non-traditional buyers in mid-Sep. Now we have an east Coast to Texas port strike looming next week for the first time since 1977, the Jimmy Carter years. Port workers from Maine to Texas are set to strike Tuesday Oct 1st. And Hurricane is causing more impacts on shortages, only to fuel inflation and loss of life. With 45,00 workers prepare to walk off the job, “Where is taxpayer money going?” This is why you don’t tap into the Strategic Petroleum Reserves (SPR’s) for political gain to lower prices after the administration caused it in the first place. SPR’s are in place for All of Our First Responders so we can better resolve a Act of God or any other catastrophe. This again is due to a FAILED ENERGY POLICY! Among many other failures.US export sales in the week ending Sep 19th were 21 Mil Bu, vs. 33 Mil the previous week and 10 Mil below the pace needed to meet USDA’s forecast. A boost in export demand lies ahead as Ukrainian & Brazilian cash prices rise, but in the short run there will be no shortage of supply. Crude oil’s $2.40/Barrel decline is also weighed.. Showing the economy is on death’s door.. Spot bids in Central Il are quoted at $.17 under, unchanged from last week. Key into mid-Oct is whether seasonal rainfall is allowed into Argentina and N Brazil. The Argentine crop is 11% planted, but the Buenos Aires Exchange indicated delays occur if rain fails to arrive in the next two weeks. There are hints of expanded Brazilian rain after Oct 19th but confidence is low. A trade range of $3.95-$4.25 is expected until US harvest reaches 50% complete. The so-called pro-Union administration has another strike looming under THEIR watch which will only inflate inflation. Expect gas & grocery prices to even further rise by inaction and wrong action of this administration.Let’s pray for our family and friends in the middle of this disaster.More By This Author:More Anemic Economic Data Ahead Of GDP & Jobs Data. The Corn & Ethanol ReportConsumer Confidence & Richmond Manufacturing Fall Off A Cliff. The Corn & Ethanol ReportFunds Squaring Positions During Harvest. The Corn And Ethanol Report
