11.22.24 Tredas Recap
Weekly Action:
Corn Dec24 up 2c at $4.26
Beans Jan24 down 13c at $9.84
KC Wheat Dec24 up 13c $5.53
Hogs Dec24 up 2.15 at $81.650
Fats Dec24 up 3.725 at $186.675
Feeders Jan25 up 7.075 at $254.300
Corn Dec25 down 4c at 4.36
Beans Nov25 down 13c at $10.07
KC Wheat July25 up 10c at $5.79
Grains:
December corn futures have been mostly stuck in a range between $4.00 to the bottom and $4.34 to the upside since late June. The average daily price since July 1 is $4.12 (Friday’s close was $4.26). If you’re being presented with the option of pricing or rolling a basis contract, we are currently outperforming our average opportunity over the last four months and only about 8 cents from our max pricing values. We are 41 cents above our “harvest low” from late August.
January beans have been in a $9.70 to 10.90 range since July 1. It might feel like beans have been having a rough go lately but the average price within this window was $10.30 January futures (approximately a $10.15 November futures equivalent). We have fallen off about $1 since October 1, but the good news for the bulls is that the $9.70 area has held 3-4 times (so far).
December KC Wheat has tried to rally lately but was rejected at the top of the channel it has been trading in since October 1. They good news, if wheat can breach the top of the channel, it could mean a run to recent highs above $6.00.
Cattle:
**December 1 is the deadline to enroll acres in PRF.
Weather:
Broadly speaking, South American weather is favorable through the end of the year. The most recent forecast is calling for nearby rains throughout Brazil and Argentina.
Economy:
NBC News analysis of voter data showed the counties where it’s most difficult to buy a home saw the biggest shifts toward Trump.
In fiscal year 2024, the United States Postal Service reported a $9.5 billion loss. This is $3 billion more than the anticpated loss.
Washington D.C. has the highest GDP of any “state” in the country, with more than double the economic output per person than New York, the second highest GDP state. America’s poorest state, Mississippi, has higher GDP per capita than the UK, France, Italy, and Japan.
John Deere reported Q3 earnings this week.
Sales are down 30%. Operating profit down 60%. The stock is up 11% on the week.
Something that probably means nothing:
A banana taped to a wall sold at a New York City auction this week for $6.24 Million Dollars.
Maurizio Cattelan’s “Comedian” was bought by Justin Sun, a Chinese collector who made his money founding a cryptocurrency trading platform named “Tron”.
Sun said he plans “to personally eat the banana as part of this unique artistic experience”.
Quote of the Week:
“Think how stupid the average person is and realize half of them are stupider than that.” – George Carlin
Enjoy your weekend!
