Plus – a deep dive into yesterday’s WASDE report
Corn down 6-14 cents
Wheat down 4-9 cents Prices as of 6:50 am CDT.
WASDE Fun Fact – New crop export paces to slow: Due to tightening U.S. supplies in the new crop year, combined corn, soybean, and wheat exports are expected to fall nearly 10% in 2021/22 from the previous year. But it may be too soon to determine that exports will be forced to shrink in an era of scarce grain stocks. Time and the highest bidder will likely have the final say in that determination.
More details about yesterday’s WASDE report will be highlighted in this morning’s report.
Provided by Dow Jones
By Anna Hirtenstein and Akane Otani U.S. stocks soared Thursday, chipping away at losses after suffering their worst three-day decline since late October. The Dow Jones Industrial Average jumped 510 points, or 1.5%, lifted by shares of everything from manufacturers to technology giants. The S&P 500 gained 1.5%, and the Nasdaq Composite climbed 1.5%. Thursday s market moves marked a comeback for U.S. stocks after a jittery start to the week. Signs that inflation may be picking up faster than expected have put investors on edge, pressuring shares in the priciest corners of the market. Data earlier this week showed consumer prices surged higher in April, while a separate report Thursday showed producer prices posted their biggest annual jump since the Bureau of Labor Statistics began tracking the data in 2010.
U.S. stocks rose Thursday, putting major indexes on track to end a three-day losing streak. The Dow Jones Industrial Average rose 102 points, or 0.3%, to 33689 shortly after the opening bell, chipping away at gains after logging its steepest three-day decline since late October. The S&P 500 gained 0.7%, and the Nasdaq Composite jumped 1.2%. Investors have been jittery this week: consumer prices surged higher in April, prompting concerns that the Federal Reserve may move on interest rates or scale back bond purchases sooner than expected. But central bank officials have repeatedly said that they expect any jump in inflation to be transitory. A Fed policy maker on Wednesday said more data would be necessary for the central bank to begin scaling back its easy-money policies.
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By Anna Hirtenstein U.S. stocks opened higher Thursday on the prospect of as much as $1.8 trillion in new government spending that could spur economic growth. The S&P 500 added 0.8%, suggesting that the broad-market index may resume its march toward a fresh record. The Nasdaq Composite Index climbed over 1%. The Dow Jones Industrial Average advanced 192 points, or 0.6%. The stock market rally resumed after President Biden outlined proposals on Wednesday for his new American Families Plan, which would boost spending on child care, education and paid leave. Investors optimism was also buoyed after Federal Reserve Chairman Jerome Powell said the central bank would continue supporting the economy, while noting signs that growth has revived and the labor market is strengthening.