PPI Tomorrow + 04.13.2023 Trading Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Looking at the last two trading days of the week By Mark O’Brien, Senior Broker:
General: The March Consumer Price Index came in cooler than expected, showing a rise of 0.1% in March.¬†Economists polled by Dow Jones were expecting CPI to rise by 0.2% month over month.
Minutes from the Federal Reserve‚Äôs¬†March policy meeting showed officials feared that the economy could tilt into a mild recession later this year in the wake of the U.S. banking crisis.
Yesterday,¬†Bitcoin futures (BTC)¬†pushed over the $30,000 level for the first time since June 2022.¬†This on the heels of a ¬Ī10,000-point move from March 10 when the April contract traded to an intraday low of 19,620 and closed at 20,110.
Today,¬†May orange juice futures closed at an all-time high¬†of $2.8490 per pound a remarkable ¬Ī80-cent / $12,000 move from late January.¬†This year, the U.S. orange crop is forecast to be the smallest since 1937.¬†Output has generally been in decline since peaking 25 years ago, though this year‚Äôs losses in Florida ‚Äď a global top producer still ‚Äď are extremely sharp.¬†Yesterday, the USDA pegged the 2022-2023 U.S. orange crop at 62.25 million boxes, an 86-year low and down 23% on the year.¬†That is less than 20% of U.S. output compared to the record 1997-1998 season.
May sugar futures traded today to¬†6 1/2 -year highs and an intraday high of 24.85 cents/pound continuing its months-long charge from the 17-18-cent range (one cent = $1,120).¬†News of lower-than-expected production in some key regions and tightening supplies have persisted into the year.
For the seventh consecutive session,¬†June gold has closed above $2,000/ounce.¬†Referencing the Fed minutes mentioned above, economists have cited rising interest rates and now a potentially more acute slowdown in lending after the collapse of several U.S. banks as a possible trigger of a recession this year.¬†The prospect of a U.S. recession boosts safe-haven demand for gold, which has been on a tear since early-March ‚Äď with a ¬Ī$200 per ounce / $20,000 move.
Plan your trade and trade your plan.¬†
First Notice and Last trading Days for the month of May below
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Futures Trading Levels
Economic Reports, Source:¬†
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