U.S. weather forecasts have turned hot and dry🌡️, rocketing agriculture futures prices higher this morning 🚀.
Corn🌽 is up +4.5% today, Wheat🌾 +2.9%, Soybeans 🌱 +1.6%.
These are the most important weeks of the year for U.S. Corn and Soybean production. Summer rains and temps matter.
This Wednesday we'll see updated U.S. CPI inflation data. The expectation is +8.8% y/y, a new 40-year high📈.
Bad weather over the coming weeks would dramatically dent U.S. Grain production, push global commodity prices higher, and keep inflation metrics elevated.
Something to watch closely.
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Thanks for sharing !