Movers and shakers!
By John Thorpe, Senior Broker
Equities prices were mostly flat as traders are anticipating tomorrow mornings CPI release at 7:30 CT.
Iran’s oil minister has been elected as OPEC President for 2025, Crude prices are holding steady in the 68.25 / bbl area
…as Gold surged again in the face of some dollar weakness.
Supply concerns are affecting Cocoa prices as the mid year West African cocoa crop outlook has deteriorated (April) as dry conditions will hurt the early development of the crop. ICE-monitored cocoa inventories held in US ports have been trending lower for the past 1-1/2 years and fell to a 20-year low Monday of 1,487,243 bags. Also, 23/24 stocks to Grindings report reflect a 46-low. March Cocoa was up 476 or $4760.00 per contract to close at 10557 basis the march contract.
Monthly WASDE was released today, here is a quick synopsis: World Corn carryout was much smaller than previously reported. 296.44 mmt vs 304.14 mmt providing continued bullish sentiment from the August lows. March 25 Corn surged 7 and ¼ cents.
Watch Tomorrow’s Movers and Shakers:
CPI Consumer Price Index @ 7:30 am CDT.
Consensus Outlook
How we wish the inflation numbers were improving! Forecasters expect headline CPI to show increases of 0.3 percent on the month and 2.7 percent on the year for November versus 0.2 percent and 2.6 percent in October. The core is expected at a sticky 0.3 percent and 3.3 percent on the year, the same as in October and September. With readings like this, the expectation for the December Fed policy meeting remains split between a 25 bp cut and no action, although the latest soft-ish jobs report underpins rising expectations for 25.
Earnings: Adobe will be the feature, otherwise very quiet, only 19 firms reporting |
