What do a Couple of Carls Have to Say About Wednesday's "Market Moving" Government Numbers?

In the Financials sector, markets are reportedly waiting for the US government to tell us if inflation is really a problem through the July CPI and PPI numbers.

In Grains, we have USDA's August WASDE numbers expected to trigger algorithms.

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However, the Wheat sub-sector already jumped overnight on big trade volume.

Morning Summary: Wednesday session is brought to you by a couple of Carls. First, as I mentioned earlier this week, today's docket is filled with government numbers, "data" that is eagerly anticipated by folks in nearly every sector of the investment community based on the belief that markets only work if driven by government agencies. They view these reports as if part of a religious rite, like manna from heaven. Given this, and as I wrote about in January 2025, we should keep in mind what Karl Marx had to say on the subject, "Religion is the opiate of the masses". True words for what we will see play out today. In the Financials sector, early morning headlines scream, "An inflation report Wednesday should be a big deal for the Fed…" and "Treasury yields are little changed as investors await key inflation data". Maybe you are asking, "What's all the hubbub Bub?" The July Consumer Price Index (CPI) is set for release this morning followed by Thursday's July Producer Price Index (PPI). But if we take a step back across the threshold into reality, do we really need the US government to tell us if inflation created by tariffs (aka consumer taxes), trade wars, and real wars isn't a real problem?

Corn: In the Grains sector, the majority of the industry is wetting itself over the next set of USDA WASDE numbers set for release at noon (ET)[i]. Given Watson will likely be triggered by where USDA's numbers fit within the range of pre-report estimates, I asked Barchart's CARL what those numbers were, starting with corn.