Market Movers for the Week of August 12

Weather is neutral which could lead to lower grain prices

This week there are five key reports to watch that could have significant impacts on commodity markets the week of August 12, 2024. This Farms.com column tracks key events in commodity marketing impacting the agriculture industry! The series of article shares issues to watch the following week, issues that may have an impact on commodity prices in the coming weeks.

By Devin Lashley

1. The USDA WASDE Report will be  published on Monday,August 12, 2024 and could provide a negative surprise.  It will likely show higher yields and ending stocks adding more pressure to new lows in grain prices. Weather across major U.S. corn and soybean growing areas has been non-threatening. The average pre-report estimates for soybeans is 52.5 bpa with ending stocks at 465 million bushels up from last month at 430. U.S. corn yield at 182.5 bpa with ending stocks at 2.097 billion bushels up 1 vs. last month.

2. The U.S. PPI Index Data will be released on Tuesday, August 13, 2024 and will likely follow the general trend of lower inflation. The last PPI report came in hotter than expected, should this trend continue it's likely to be viewed as negative for a rate cut at the next FOMC meeting in September.

3. The U.S. CPI Index Data will be released on Wednesday,August 14, 2024 and will likely show continued deflation. A weaker-than-expected inflation report could significantly impact the U.S. dollar, which has recently lost some of its yield advantage. A 0.2 percent month-on-month increase is anticipated for both headline and core CPI. If inflation is higher than expected, it could challenge the market's expectations for accelerated rate cuts.

4. The USDA Crop Progress Report comes out Monday,August 12, 2024 will not show any surprises as the cool temps for the first half of August are adding kernel and pod weight to both the U.S. corn and soybean crops.

5. The U.S. Jobless Claims Report will be released on Thursday, August 15, 2024 and will likely show an increase, following a poor employment report last week that spooked the markets. Lower than expected data would help calm nerves down and ease any recessionary fears.

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