Weekly Market Update 12/22/22
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Here is your weekly market update from the Garden City Co-op Grain Origination Team.
Trivia
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What is the best-selling Christmas/holiday song in the United States?
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What drink manufacturer is said to have popularized Santa's red and white costume?
Answers at the bottom.
Market News
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Markets have been pretty quiet this week, with major headlines hard to come by. Wheat seems to have found some steam in the short term, with concerns about this week's cold blast causing more damage to an already drought-stressed crop and snowfall chances moving further east than most of HRW country. Corn seems content to trade sideways, but has pushed about higher this week on strength in other markets and technical selling.
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Export sales this morning were lackluster. Corn came in on the low end of expecations at 25.1 million bushels, soybeans below expectations at 27.0 million, and all wheat in the middle of estimates at 12.3 million. Milo is especially disappointing with no bushels sold. Corn, wheat, and milo are lagging behind the seasonal pace needed to hit current USDA export estimates.
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Export inspections this week were also underwhelming. Corn came in the middle of trade expectations at 29.3 million bushels (higher than last week at 20.4 million), milo was reported at 0.2 million bushels, beans on the low side of estimates at 59.5 million, and wheat in the middle of trade estimates at 11.2 million. Corn, and especially milo, are behind pace needed to reach USDA's target.
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Fresh economic data had stocks sharply lower today. Filings for unemployment ticked up slightly to 216,000 in the week ending December 17th, much below economists' estimate of 222,000, indicating a still tight labor market. The Commerce Department also gave their final third-quarter GDP estimate and it came in at 3.2%, much higher than the 2.9% estimate a month ago. These two headlines combined underline strength in the U.S. economy, causing concerns over the Federal Reserve's continued policy tightening.
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Today is a shortened version of our usual market commentary ahead of the holiday weekend. Commodity markets will be closed on Monday, December 26th in observance of Christmas; Garden City Co-op locations will also be closed. Looking ahead, markets and our offices will be closed Monday, January 2nd in observance of New Year's. From all of us here at Garden City Co-op, we wish you and your family a very Merry Christmas and a Happy New Year!
Weather
If you haven't noticed, it's pretty cold out there today. Wind chills in our area are around 40 degrees and wind gusts are above 30 mph. It's weird to see our area in the "Above Average" temperature area with the frigidness we are experiencing today, but our forecast does jump back up into the 50s next week.
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Trivia Answers
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"White Christmas" - Bing Crosby
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Coca-Cola