Inflation heating up?

Matt Huston

Overnight- Corn, wheat and soybean futures are all slightly higher.

Last week, we had some macro-economic news that did not feed into the imminent rate cuts. We had 4 Fed Governors have hawkish comments on Thursday and then we had a strong jobs report on Friday.

We will be watching the CPI release on Wednesday morning for our next clue.

Hot inflation could be the catalyst to get the funds to buy back their short positions. Especially, if you pair that with planting and any weather risk there will help fuel buying.

It would be nice to see a rally before first notice day and the next roll/pricing of basis contracts.

ECB is wet while the WCB should see some field work this week.

Bottomline

We will be watching weather and macro-economic news this week for clues on direction. May corn needs to move over 4.39 and May soybeans over 11.93 for some bullish sentiment. NFC Grain Comments Options -new (32)

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