This week’s action:  

Corn Dec23 up 4c at $4.68

Beans Jan24 down 4c at $13.44

KC Wheat Dec23 down 20c at $6.19

 

Fats Dec23 up 1.425 at $175.600

Feeders Jan24 up 2.125 at $228.400

Hogs Dec23 down 1.000 at $71.025

 

Corn Dec24 down 6c at $5.11

Beans Nov24 down 13c at $12.84

KC Wheat July24 down 30c at $6.39

 

 

Market Recap:

*CBOT will be closed Wednesday afternoon until Friday morning at 8:30am, closing at 12:05pm Friday.

We began the week with NASS reporting 95% of the US soybean crop and 88% of the US corn crop having been harvested.

Brazil’s soybean crop is 57% planted, compared to 67% last year and the 5-year average of 69%. Brazil’s first corn crop is 83% planted vs the 5-year average of 82%.

Traders will closely follow the results of Sunday’s Argentine presidential election while the country deals with rapid inflation and talk of dollarization that would add further pressure to the peso in a US holiday shortened week.

 

Cattle of Feed Report Recap:

-Nov 1 Cattle on Feed in line with expectations

-Oct Placements slightly lower than expected

-Oct marketings slightly lower than expected

 

Weather:

Iceland is warning of a volcano eruption which is being monitored by grain traders and weather forecasters as the ash plume could impact Northern Hemisphere weather patterns.

Approximately 40% of the US corn production is currently experiencing drought.

Dry areas of central and northern Brazil will see material rainfall next week. The accumulation is slated to begin on Sunday and continue through Thursday next week. Amounts may total 2-4″ across the country’s key soybean areas. The extended forecast hints at a return to drier conditions for many areas. The vast majority of the country’s corn and soybean areas continue to run significant moisture deficits.

 

Economy:

Oil hasn’t been this cheap since July 18.

Water levels in the Panama Canal are critically low and it is having significant impacts on global trade. Ship traffic through the canal has fallen by 25% and throughput capacity has been cut in half. Some ships are auctioning off their timeslots through the canal and choosing to take longer, more expensive routes. A record was just set this week as a Japanese vessel paid $3.975 million dollars to jump the line.

Tyson Foods beat analyst expectations for Q4 adjusted profit but missed on revenue due to falling chicken and pork prices. Tyson also forecast below expected revenue for its next fiscal year.

October retail beef prices were $8.161 per pound, which was slightly lower than September. This is below the July peak of $8.308 per lb., but a 10% increase from October 2022.

Today, Apple is bigger than all of the top nine companies from ten years ago combined.

 

Something that Probably Means Nothing:

Ten years ago, 2/3 of US parents wanted their kids to attend college. It has now dipped below 50% for the first time in 50 years.

 

Quote of the week:

“But Thanksgiving is more than eating, Chuck. You heard what Linus was saying out there. Those early Pilgrims were thankful for had happened to them, and we should be thankful, too. We should just be thankful for being together. I think that’s what they mean by ‘Thanksgiving’, Charlie Brown.” -Marcie from a Charlie Brown Thanksgiving