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This week's docket includes a variety of government reports, both economic and otherwise, something that should make those interested in such things quite happy.
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The Energies sector rallied overnight following the familiar Tolstoy Timeline this past weekend: “Peace” teasings late last week that didn't materialize and more talk of War Monday morning.
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The Grains sector shrugged off weekend rains, with noncommercial activity taking center stage to start the week.
Morning Summary: Welcome to a new week with a look at the quote screen showing us the commodity complex is basically more of the same. For those addicted to government numbers, this week is for you, at least once we get to Hump Day (aka Whisky Wednesday for those of us who aren’t). We will get the latest Consumer Price Indexes, to go along with USDA’s August WASDE. Thursday’s docket includes the July Producer Price Index, comments from members of the Federal Reserve, weekly jobless claims, and weekly sales and shipments. Frantic Friday will see the July retail sales figures released. Until these made-up figures steal the headlines we are left with the standard Tolstoy Timeline. Recall late last week was filled with plenty of “Peace” teasings from the US president, though as CNBC pointed out Sunday night, nothing came of it. Early Monday morning finds headlines reading, “(The US president) shifts to economic pressure as Iran hardens stance over Strait of Hormuz” and “Oil prices rise amid uncertainty over U.S.-Iran Strait of Hormuz deal”. To begin with, there is no “uncertainty”. This is how the game is played these days. Lastly, the US president has to first tell his social media subscribers what he is going to say next so they can position themselves accordingly.
