10.18.24 Tredas Weekly Recap
Weekly Action:
Corn Dec24 down 11.75 at $4.04
Beans Nov24 down 35.5 at $9.70
KC Wheat Dec24 down 23.5 at $5.81
Hogs Dec24 up 0.20 at $77.75
Fats Dec24 up 0.625 at $187.825
Feeders Nov24 down 2.675 at $247.075
Corn Dec25 down 15 at $4.35
Beans Nov25 down 34.75 at $10.21
KC Wheat July25 down 27 at $6.12
Market Recap:
U.S. farmers have mostly completed their soybean harvest and are focusing on corn. Early losses in soybeans were driven by polls showing Trump gaining on Harris in swing states. US Exports this week for corn, soybean, and wheat were strong with corn and wheat at the top of expectations and soybeans as expected. Corn sales are up sharply from last year, with commitments for the 2024/25 marketing year showing a 23% increase. Soybean sales are also solid, while wheat sales increased, though still below last year’s levels.
Weather:
Could you use a rain? The map below ranks total October precipitation over the last 132 years. Most of farm country is within the driest 5-10 Octobers on record since 1893.
Unfortunately, most of the Midwest will remain dry to finish the month.
Economy:
An example of the federal government actually improving lives: The Federal Trade Commission (FTC) announced a “click-to-cancel” rule that will require companies to let you cancel any product as easily as you registered.
The FED cut interest rates 0.50% on September 18 when the 30-year mortgage rate was 6.11%. Today, it is at 6.68%, the highest since July.
According to a new survey from Gallup, the news media is the least trusted group among 10 U.S. civic and political institutions involved in the democratic process. In 1976, 72% of Americans trusted the media. Today only 31% feel the same way.
Quote of the Week:
“Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson
Something that probably means nothing:
In 2019, NASA awarded Betchel a contract to build a rocket launch tower. It was to be completed by 2023 and the budget was $383 million.
It is currently expected to be completed in 2027 and is projected to cost over $2.7 billion.
