10.11.24 Tredas Weekly Recap
Weekly Action:
Corn Dec24 down 9.25 at $4.1575
Beans Nov24 down 23.5 at $10.055
KC Wheat Dec24 up 5.5 $6.045
Hogs Oct24 up 0.025 at $84.075
Fats Oct24 up 1.55 at $188.6
Feeders Oct24 unchanged at $249.75
Corn Dec25 down 4 at $4.50
Beans Nov25 down 24.25 at $10.5575
KC Wheat July25 up 7 at $6.39
Market Recap:
USDA released their October WASDE report today. Below are numbers. Market action overall was negative as soybean numbers were little changed to ending stocks slightly higher than estimates. This trumped early gains today from positive export sales.
Weather:
South America: The last 7 days have provided beneficial rains for the major growing areas in South America, although they are still drier than normal the next 7 days and beyond offer better than normal rain chances and amounts
United States: Cooler temperatures are expected over the next 7 days with frost/freeze chances early next week, that being said even with the cold snap the western corn belt remains above average temps. Precipitation appears to non-existent this next week
Economy:
It’s interesting to note that global money supplies have hit all time highs. With this some are curious of what will happen as this money looks for a place to be parked. Will this money go to “stuff” like physical good stock’s or will it be held in short term notes and accounts earning interest?
If the Fed and others cut interest rates we could see investment surge on an already high stock market. This could be one of many reasons we are seeing John Deere stock staying resilient even with the threat of tariffs.
However, we’ve seen the resurgence of the Dollar coming the last week. This could make the Fed hold on making another quarter point cut in November and December.
Quote of the Week:
“Do what is right; not what feels easy!” - Unknown
Something that probably means nothing:
Hurricane Category levels come from the Saffir-Simpson Wind Scale of 1 through 5. However, the actual most devasting (damage and death) product from a Hurricane or Tropical Storm is water related from storm surge and rainfall. It is reported that storm surge alone has accounted for over half of fatalities from Hurricanes. Hurricane Katrina in 2005 has been the deadliest (1,392) and costliest ($125 billion) US Hurricane since Hurricane Galveston in 1900. Below is how Hurricanes stack up since 1980 against other natural disasters in the US:
