This Week’s Winners & Losers
The U.S. Dollar Index posted a fresh three-month high on Tuesday, after the release of stronger-than-expected inflation data, trading within spitting distance of 105.
Jan’s 3.1% CPI also gave stocks a nasty jolt with the Dow falling more than 500 points for its worst one-day performance since March.
All three major U.S. stock indexes saw their worst performance on a CPI release day since September 2022.
Conversely, the yield on the 10-year Treasury rose to its highest level since the end of November last week.
Ethanol had a rough week - down 5 days in a row, losing 13.5 cents by week’s end and dropping below $1.50/gallon for the first time in three years.
In corn-equivalent, last week’s losses would be nearly 40 cents per bushel
New crop corn continued its fall, down 9.5c last week - making new contract lows the last three days in a row.
Checking in on new crop’s race to the bottom:
Unfortunately we are 60% of the way through the Feb crop insurance averaging period with a $4.70…
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