Infrastructure Framework Fails to Pass | FTT Audio October 29, 2021

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As of 6:30 a.m. CT, soybeans are trading mostly 2 to 6 cents higher, with meal and soyoil also firmer. Corn futures are fractionally to a penny higher, winter wheat futures are 4 to 7 cents lower and spring wheat futures are fractionally to 5 cents higher. Front-month crude oil futures are around 25 cents higher and the U.S. dollar index is around 180 points higher this morning.

A second Democratic leadership attempt to pass the bipartisan infrastructure bill (BIF) went down in an embarrassing no-vote situation. Progressive Democrats were the reason as they kept insisting both the BIF and the Build Back Better(BBB)/reconciliation bills be voted on and that more information is needed for the social/climate change measure.

The House on Thursday passed an extension on transportation funding that was due to run out Sunday. Lawmakers now have until Dec. 3 before the funding lapses again.

The most actively traded thermal coal futures contract on the Zhengzhou Commodity Exchange fell its daily limit on Friday and was down 27.6% this week. The contract has fallen more than half from its record high posted on Oct 19, but is still up more than 80% this year.

Surging energy prices and supply bottlenecks drove up the euro zone’s inflation to 4.1% year-on-year, according to the consumer price index for October, up from 3.4% last month. Economists expected a reading of 3.7%. That reading is the highest since 2008.

Treasury Secretary Janet Yellen this morning said she still labels inflation as transitory and that energy prices will moderate in the coming months. But markets and some industry analysts aren’t on the same page as Yellen.

Cattle futures faced heavy selling yesterday, despite rising boxed beef and cash cattle prices. That could signal the recent runup by futures is about out of steam.

The CME lean hog index is down another 97 cents today to $80.70, the lowest level since the same price on Feb. 25, though prices were climbing sharply at that time. The pork cutout value firmed 53 cents on Thursday. Until the cash and product markets stop their seasonal declines, the upside in hog futures will be limited.


 

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