Falling Ag Markets Face WASDE Stress Test

About this episode

In this episode

1. 0:24All six markets lower ahead of WASDE
2. 1:07Corn: harvest pressure and a four-month low
3. 2:46Basis and carry: paid to store
4. 3:46Crop insurance: the $4.75 safety net
5. 5:27Soybeans: a nine-session slide
6. 6:57The $12.63 soybean safety net
7. 7:33Wheat and the Abu Dhabi talks
8. 10:28Live cattle: feedlot physics and packer leverage
9. 12:44Feeder cattle and a $19 basis gap
10. 14:06Hogs: heavy weights and a new contract low
11. 16:12This week’s report calendar
12. 17:06What to watch in Tuesday’s WASDE
13. 20:50Carryout and historical price ranges
14. 21:47What it means for each operation
15. 23:34Reality versus perception

Episode summary

1. 0:00Speaker AThis is brought to you by Ag Optimus www.agoptimus.com. Futures and options trading involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. Right. So imagine walking a high wire. You know you're balancing a year's worth of operating loans when you suddenly realize your safety net isn't below you.
2. 0:21Speaker AOh, boy. It's actually suspended, like ten feet above you.
3. 0:24Speaker BYeah. That's a terrifying thought. It is. But that is exactly the bizarre financial reality. A lot of corn and soybean farmers are waking up to this week. So welcome to the Ag Optimus Market update. Whether you're a seasoned producer managing thousands of acres, or you're just intensely curious about how agricultural markets actually function under the hood, you are in the right place.
4. 0:46Speaker AAbsolutely.
5. 0:47Speaker BWe're here to extract the most vital insights from this week's data, just giving you the clarity you need without drowning you in all the noise. And the headline this week is pretty stark. All six major ag markets were lower for the second straight week and Tuesday's looming WASDE report is shaping up to be the ultimate stress test for the board.
6. 1:04Speaker AIt really is. It's going to be a huge week.
7. 1:07Speaker BOkay, let's unpack this. I want to start with the literal foundation of the market right now, which is the row crops coming out of the fields. We have millions of bushels hitting the bins. And I mean that physical reality is just colliding with the futures board.
8. 1:19Speaker AWe are definitely seeing that collision play out, especially in the December twenty twenty six corn contract. Right. The week opened on October thirtieth at, um, right around four forty seven. And by the close on November sixth, it had slid down to four forty one and a half.
9. 1:34Speaker AWow. Yeah. So that's a weekly drop of six and a quarter cents. And on Thursday, corn actually registered a four month low close.
10. 1:42Speaker BI mean, when you have combines just rolling across the Midwest all day, that sheer volume of physical grain has to go somewhere. Yeah. And it feels like that weight is just pressing down on the board right now.
11. 1:54Speaker AThe physical supply chain is under immense pressure. There's no doubt about it. Nationally, we're seventy four percent harvested. Okay. Now, statistically, that actually trails the five year average of seventy seven percent. Major producing states like Iowa and Nebraska are both sitting at sixty six percent complete,
12. 2:11Speaker BWhich is pretty far behind, right? Yeah. Iowa is actually lagging thirteen points behind its historical average. But even running slightly behind the physical volume, moving right now is just staggering.
13. 2:24Speaker AAnd what about demand? Are we seeing any offset there?
14. 2:26Speaker BWell, on the demand side export sales were solid. I mean one point two nine five million metric tons. That's up ten percent from the four week average. Okay. So that's something. It is. But robust exports simply aren't enough to instantly absorb this tidal wave of harvest delivery.
15. 2:40Speaker BThe elevators are filling up fast and you know, that dictates the cash market.
16. 2:46Speaker ALet me stop you right there, because the cash market mechanics are so crucial for anyone trying to understand what's happening at the farm level. Right? Totally. So in Iowa, the average cash corn price on November six was four dollars one cent. That puts the basis at roughly forty cents under the December futures.
17. 3:02Speaker AYeah, that's a wide gap. Right. And for those learning the mechanics basis is just the difference between the local cash price and the futures board. A wide negative basis basically means local buyers are full. Exactly. They don't need your grain today.
18. 3:16Speaker BSo they penalize the local price. But um, it's the carry spreads that are really telling the story here. I think March twenty twenty seven is sitting at a thirteen and three quarter cent premium to December and July twenty twenty seven is sitting at nearly a thirty cent premium to December.
19. 3:31Speaker AAnd that spread is essentially the market's mechanism for managing physical space. Right.
20. 3:36Speaker BWhen you see a thirty cent premium for July, the market is basically offering to pay the farmer to lock their bin doors, store the grain and deliver it next summer when the supply chain isn't so choked.
21. 3:46Speaker AThat makes total sense. But there is a secondary, almost invisible dynamic happening right now. And it involves crop insurance. Oh, this is the safety net thing.
22. 3:56Speaker BYes, the fall harvest price for corn was just finalized at four dollars seventy five cents. Okay, that is thirteen cents higher than the spring projected price of four dollars sixty two. Because the harvest price came in, higher revenue protection insurance guarantees are automatically recalculated at that elevated four seventy five level.
23. 4:15Speaker AWait, okay, I'm stuck on the math here. Sure, if the insurance harvest price is locked in at four seventy five, but the December board is trading way down at four forty one, why wouldn't a farmer just back the truck up, dump all their grain at the elevator today and collect that insurance difference?
24. 4:31Speaker BRight. It sounds like an arbitrage opportunity.
25. 4:33Speaker AExactly. How does this actually insulate them mechanically?
26. 4:36Speaker BI see why you'd think that, but it doesn't quite work like a traditional put option where you just exercise it whenever you want. Oh, okay. To trigger this specific insurance payment, the farmer still has to experience an actual yield loss on their farm, like producing fewer bushels than their historical average.
27. 4:51Speaker BOh, I see, the insulation comes from how those missing bushels are valued. If a farmer is short on bushels, the insurance policy compensates them for that shortfall at the higher four seventy five price, rather than current market value. Oh, wow. Yeah. So while the board is sinking, the value assigned to their yield loss is completely locked in at a premium.
28. 5:10Speaker AThat makes total sense. So it's not a get out of jail free card for the price of the grain. They actually harvest it. No definitely not. But it heavily cushions the blow if their fields underperformed. And looking at the numbers, this exact same structural safety net is happening in soybeans.
29. 5:24Speaker ABut I mean, with much wider margins,
30. 5:27Speaker BConsiderably wider. Let's look at the January twenty twenty seven soybean contract since November is currently in delivery. Yeah. On October thirtieth, January beans were trading around twelve thirty four. By November sixth they plunged to eleven point nine three and three quarters. Yeah, that is a brutal forty and a half cent drop for the week before finally breaking a nine session losing streak on Friday.
31. 5:49Speaker BIt touched an eleven week low.
32. 5:51Speaker AAnd unlike corn, the physical harvest pace for beans is actually running hot right now.
33. 5:55Speaker BVery hot. We are at eighty eight percent harvested, which is comfortably ahead of the normal. Eighty four percent average. The bins are just filling rapidly, right? And while that domestic supply is surging, we're seeing a real shift in the export narrative. How so?
34. 6:09Speaker BWell, exports came in at one point four five six million metric tons, which sounds like a lot, but it's actually down forty four percent from the prior week.
35. 6:19Speaker AOh, wow. That's a huge drop off. It is. And the underlying mechanism there is China. They are approaching their twenty five million metric ton purchase target for the twenty twenty six marketing year. Okay. So they're hitting their quota. Exactly. As a sovereign buyer gets closer to their strategic reserve targets, their urgency just naturally drops.
36. 6:39Speaker AAnd we are seeing that aggressive buying visibly taper off.
37. 6:43Speaker BSo translating that to the farm gate in Iowa cash soybeans are sitting at eleven twenty one, which is a steep sixty eight cents under the January futures. Yeah. The market is paying a twenty one and three quarter cent carry to store those beans into July.
38. 6:57Speaker BBut let's circle back to that insurance mechanism you explained, because the math on the soybean side is wild.
39. 7:03Speaker AWhat's fascinating here is the sheer width of the safety net gap. The spring projected price for soybeans was eleven oh nine. Okay.
40. 7:12Speaker BThe finalized harvest price came in at twelve sixty three. That is a massive one dollar fifty four cents jump. That's huge. So any yield loss a farmer experiences this year is being compensated at twelve sixty three per bushel. With the January board struggling to hold near twelve bucks, that insurance guarantee is providing a profound layer of financial insulation against this recent nine day market slide.
41. 7:33Speaker ASo we have these domestic crops heavily insulated by federal crop insurance mechanisms. But not everything trades with a safety net. Let's look at a market driven by forces entirely outside of farmers control where global geopolitics take the steering wheel. I'm talking about wheat.
42. 7:49Speaker BYeah. Wheat is a totally different animal right now. Chicago soft red winter wheat for December twenty twenty six dropped twelve and a quarter cents for the week, right? It moved from six hundred three down to five hundred and ninety one, and it actually touched its lowest price point since late June.
43. 8:04Speaker AIt's crazy because if we just look at the domestic fundamentals, they are remarkably boring in a good way. Very boring. Yeah. Winter wheat is eighty three percent planted and sixty five percent emerged. Both of those metrics are perfectly in line with historical averages.
44. 8:17Speaker AExport sales were a bright spot at over five hundred and thirty eight thousand metric tons. I think that's the second largest week of the year. And the market is paying a healthy twenty four cent premium to carry the grain to July. So everything domestically is humming along, but the domestic story isn't driving the bus here.
45. 8:35Speaker BNo, the steering wheel is firmly in the Black Sea region right now. The market is hyper focused on November tenth and eleventh. Right. The talks. Yes, there are US led talks scheduled in Abu Dhabi involving delegations from both Russia and Ukraine. And leading into this, there was a tiny sliver of movement which was, well, Russia actually allowed commercial grain ships to exit the Sea of Azov for the first time since July.
46. 9:00Speaker AOkay, so that sounds like a positive step. You'd think so. However, a Russian deputy foreign minister swiftly threw cold water on the situation, stating publicly that there is zero prospect of reviving the broader Black Sea Grain initiative.
47. 9:14Speaker BMan, it's the ultimate definition of navigating headline risk. It feels like you're playing a high stakes game where the rules of supply and demand might suddenly be rewritten based entirely on a news alert popping up from Abu Dhabi.
48. 9:26Speaker AYeah, that's exactly what it feels like.
49. 9:28Speaker BAs an analyst, how do markets even attempt to price in that kind of binary geopolitical uncertainty?
50. 9:35Speaker AThe short answer is poorly.
51. 9:37Speaker BHuh. Fair enough.
52. 9:39Speaker AMarkets fundamentally despise uncertainty far more than they despise explicitly bad news. When bad news is quantified, traders can price it into the board and move on. Right. But binary geopolitical events create a vacuum. Traders are forced to balance the physical reality of the wheat sitting in U.S.
53. 9:57Speaker AElevators against the sudden, unpredictable reopening or permanent closure of a massive global export artery.
54. 10:04Speaker BAnd that just paralyzes things. Exactly. It forces traders to the sidelines, which drains liquidity and creates a highly jittery, reactive environment.
55. 10:12Speaker AWell, let's pivot a bit. We've got mountains of relatively cheap corn piling up domestically, which sounds like fantastic news. If you're in the business of feeding animals, you'd think, right? But when we look at the cattle feed lots, having access to cheap feed doesn't matter one bit if you can't get those animals out the door.
56. 10:28Speaker ALet's look at the massive leverage shift happening right now in live cattle.
57. 10:32Speaker BIt is a severe shift. December twenty twenty six. Live cattle opened the week near two twenty one per hundredweight and just collapsed down to roughly two fourteen. Wow. That is a plunge of six dollars ninety cents. The contract closed lower for nine consecutive sessions, plummeting to an eleven month low.
58. 10:52Speaker AA drop like that doesn't just happen in a vacuum. I know Thursday's broader stock market sell off dragged down commodities generally, but mechanically. What is causing this specific implosion in cattle?
59. 11:04Speaker BIt comes down to feedlot physics and leverage. The northern feedlots appear significantly backed up with big, heavy cattle. Okay. When an animal reaches its finish weight, its feed efficiency just drops off a cliff. It takes exponentially more feed just to maintain their mass, let alone add more.
60. 11:19Speaker BThey become incredibly expensive to keep in the pen,
61. 11:23Speaker AAnd the Packers know this.
62. 11:24Speaker BThe meat packers understand this biological clock perfectly. They know the feedlots are financially desperate to move these heavy animals. That dynamic strips the negotiating power from the feedlot and hands leverage entirely to the packer.
63. 11:36Speaker AAdd to that we saw a Mexican cattle crossings at the southern border selling fifteen to twenty dollars lower this week. Yeah. And there was also news that raised some eyebrows. A confirmed case of New World screwworm in a dog in Arizona on October twenty eighth.
64. 11:51Speaker AA single dog might not sound like a market mover, but the regulatory implications for livestock are massive.
65. 11:58Speaker BThe implications are huge because if Screwworm crosses into commercial herds, it triggers immediate quarantines and border closures. It literally freezes the supply chain as the USDA responded. Yet?
66. 12:09Speaker AWell, at a regulatory level, the USDA has not altered their plans. The planned November thirty reopening date for the livestock port in Nogales, Arizona, is still on the calendar, though contingent on conditions.
67. 12:20Speaker BThe loss of feedlot leverage is glaringly visible in the cash market. Cash prices plummeted as much as eleven dollars this week.
68. 12:29Speaker AYeah. That hurts.
69. 12:30Speaker BSouth Central live trade was at two eighteen. Nebraska was at two fourteen. What really jumps off the page to me is that December futures at two fourteen are now sitting dead, even with Northern Cash. Just last week the Futures Board was trading at a discount.
70. 12:44Speaker AIt's a rapid repricing of reality. And if you think the live cattle board is turbulent, the feeder cattle dynamic is arguably more intense. January twenty twenty seven. Feeder cattle dropped a staggering thirteen dollars forty cents for the week. Closing down near three eighteen, which is the lowest since mid September.
71. 13:02Speaker BYeah. This is where I need you to help me untangle the basis environment. The CME Feeder Cattle Index, which tracks actual cash sales, was at three thirty seven on November fifth. Right. Even though cash dropped, that index is still sitting at a massive nineteen dollars premium to the January Futures Board.
72. 13:18Speaker BI look at this Packer leverage scenario like a traffic jam on a bridge.
73. 13:23Speaker AOkay, I like that analogy. The cars the cattle have to get across eventually, but the toll booth operator holds all the cards and can charge whatever they want. How does a feedlot operator even navigate when the futures board is gaping nineteen dollars below the current cash reality?
74. 13:39Speaker BThat is the defining challenge for a backgrounder or feedlot right now, when the Futures board is trading at a nineteen dollars discount to the index, the market is essentially telegraphing a belief that cash prices are going to crater as we move into the winter.
75. 13:53Speaker BWow. The futures market is pricing in tomorrow's anticipated weakness rather than today's cash reality. So if you run a feedlot, you have to decide if you trust the board's pessimistic forecast or if you believe the cash market will hold its ground.
76. 14:06Speaker AAnd that backlog dynamic isn't strictly isolated to cattle, we're seeing a very similar bottleneck, driven by sheer oversupply dragging down the hog board.
77. 14:15Speaker BAbsolutely. Excuse me. It is a very similar structural problem. December twenty twenty six. Lean hogs dropped five dollars thirty five cents on the week, closing just above fifty three. Yeah, it actually carved out a brand new contract low on Friday. Overall, hog futures have lost about a third of their value since late July.
78. 14:33Speaker AThe fundamentals there are just brutally heavy. You have plentiful supply colliding with incredibly weak domestic and export demand for pork.
79. 14:40Speaker BAnd just like the cattle, the hogs themselves are physically heavy,
80. 14:44Speaker ARight? Average weights hit two hundred and ninety three point five pounds for the week. That is nearly two pounds heavier than a year ago. When feed is cheap, producers tend to feed animals longer, Yep. But heavier hogs just mean more total pork tonnage hitting a market that doesn't want it.
81. 15:00Speaker BIt's a self-defeating cycle. The CME Lean Hog Index was at sixty two eighty six, with the December futures down at fifty three fifty two. The board is sitting more than nine dollars below the index.
82. 15:13Speaker ASo another massive discount.
83. 15:15Speaker BExactly. Just like feeders it is aggressively pricing in lower cash ahead. The national base hog price in Friday's afternoon report was a dismal forty six twenty one.
84. 15:28Speaker ASo you've got a forty six dollars base hog but you're feeding it four dollars corn. Does the cheap feed save the margin?
85. 15:36Speaker BIf we connect this to the bigger picture, cheaper feed inputs certainly provide a minor degree of relief to the balance sheet. Okay. But it is fundamentally mathematically impossible for cheap corn to entirely offset the brutal reality of selling a finished hog for forty six bucks.
86. 15:50Speaker BThe revenue side of the ledger is simply too compressed by the overwhelming volume of available pork.
87. 15:57Speaker AOkay, so we have a firm grip on the physical realities currently driving the board. You know, the heavy cattle, the filled grain bins, the wide basis levels. But markets are forward looking, right? How does the market process the incoming data? Because this upcoming week is a total gauntlet of reports.
88. 16:12Speaker ALet's run through the calendar for November ninth through the thirteenth.
89. 16:16Speaker BWe start Monday with the USDA Crop Progress report. The trade will be watching those lagging states like Iowa and Nebraska, to see how fast that final twenty five percent of the corn crop is coming out of the field.
90. 16:27Speaker ATuesday morning brings the October Consumer Price Index, which sort of sets the macroeconomic tone.
91. 16:33Speaker BIt does. But the absolute main event of the week without question is Tuesday at noon, the USDA Crop Production and WASDE reports.
92. 16:41Speaker ATuesday and Wednesday also hosts those Abu Dhabi geopolitical talks, which is our primary wheat headline risk. Wednesday is Veterans Day. Meaning CME grain markets are open but federal reports are delayed. Right. Weekly export sales will drop either Thursday or Friday. Friday also brings the Producer Price index at eight thirty a m eastern, followed by the USDA ERS feed wheat and oil crops outlooks at three p m.
93. 17:06Speaker BThe scrutiny on Tuesday's WASDE report is going to be incredibly intense, and we have to remember the mechanical context for why.
94. 17:13Speaker AOh the error.
95. 17:14Speaker BYes. Last month the USDA shocked the market by increasing the corn yield. It was later revealed that a computer file error had incorrectly merged, irrigated and non-irrigated corn acres in the data,
96. 17:25Speaker AWhich is a massive distinction.
97. 17:27Speaker BHuge because irrigated land yields significantly more. Mixing those data sets artificially skewed the national average. Because of that specific failure. Analysts are going to have a microscope on Tuesday's print to see how the agency rectifies the math.
98. 17:41Speaker ALet's skip the survey number so we don't get lost in the spreadsheets here. Let's start with corn yield. The October USDA yield was one hundred eighty one point two bushels per acre, producing over sixteen billion bushels.
99. 17:52Speaker BLooking at the pre report surveys, there is a clear consensus and one glaring outlier. The Dow Jones and Bloomberg survey averages both sit right around a one eighty point five yield, expecting roughly fifteen point nine seven billion bushels.
100. 18:05Speaker AOkay. Fairly tight grouping there.
101. 18:07Speaker BYeah. A Reuters survey is in that same neighborhood, but the StoneX customer survey is the outlier, predicting a massive one eighty three point one yield. It's important to note, even if the lower consensus numbers are right, this will still be the second largest U.S.
102. 18:21Speaker BCorn crop on record.
103. 18:23Speaker AWow. And for corn ending stocks, basically the leftovers. At the end of the year, the October USDA number was one point eight four nine billion bushels. Dow Jones and Bloomberg are both congregating around the low one point eight four billion mark. But again, StoneX is the outlier, forecasting one point nine two billion bushels.
104. 18:40Speaker AIf Stone is right, we are looking at a fundamentally heavier supply reality. As heavy as corn is, soybeans look like the true wildcard on Tuesday.
105. 18:49Speaker BWithout a doubt, October's USDA soybean yield was fifty three point one bushels per acre. The Dow Jones consensus expects an increase to fifty three point six, and remarkably, all fifteen firms they surveyed expect a record yield
106. 19:06Speaker AA record yield across the board. Across the board. Bloomberg is right there at fifty three point five, while the StoneX survey expects an astronomical fifty five point zero bushels per acre. A Reuters survey is translating this into four point five nine seven billion bushels of total production, which would just rewrite the record books.
107. 19:24Speaker BThe soybean ending stocks are where the data gets genuinely chaotic. The October USDA print was three hundred and fifteen million bushels. Dow Jones expects a jump to three hundred and thirty six million. Okay, but the Bloomberg survey, while averaging three hundred and thirty two million, has an underlying range of estimates from two hundred and eighty million, all the way up to four hundred and four million bushels.
108. 19:49Speaker AThat is an absurdly wide spread. It is. It's like trying to pack your suitcase for a week long trip. And the meteorologist is telling you it'll either be a raging blizzard or a blistering heat wave. How is the market supposed to prepare for that?
109. 20:00Speaker BIt can't.
110. 20:01Speaker AA one hundred and twenty four million bushel variance among professional analysts injects pure volatility into the board when the expectations are that scattered. Almost whatever specific number the USDA prints on Tuesday is going to catch a massive segment of the market completely off guard.
111. 20:16Speaker ARight now, to round out the data for US wheat ending stocks, the October USDA figure was seven hundred and forty million bushels. Both Dow Jones and Bloomberg expect minor increases, sitting around seven forty four to seven forty seven million. On the global front, world ending stocks for October were two hundred and eighty point four million metric tons for corn.
112. 20:37Speaker AOne twenty four point three for soybeans and two seventy six point oh for wheat. Across all three commodities, both Dow Jones and Bloomberg expect those global carryout numbers to tick slightly higher this month.
113. 20:50Speaker BIn my opinion, looking at the StoneX perspective, they provide a highly useful historical lens for translating these carry out numbers into price ranges. Okay. Let's hear it. Historically, a corn carryout near one point eight billion bushels, which is about an eleven percent stocks to use ratio, has correlated with front month corn trading.
114. 21:09Speaker BSomewhere between four thirty and five thirty makes sense for soybeans. A carryout near three thirty million bushels, a seven percent ratio, historically aligns with prices between eleven and thirteen fifty, and a wheat carryout near seven hundred and fifty million bushels has typically seen wheat priced between five and seven dollars.
115. 21:30Speaker BThat historical context is exactly what we need, because data in a vacuum is useless. It only matters if it can be applied to the realities at the farm gate. So what does this all mean? How do we synthesize these mechanics into practical considerations for the week ahead without predicting where the board will go?
116. 21:47Speaker BLet's break it down by operation for corn growers who have physical bin space. The practical consideration is comparing the thirteen and three quarter cent March carry and the roughly thirty cent July carry directly against your own specific on farm storage and interest costs.
117. 22:00Speaker BRight. It's just math. It is a pure math equation.
118. 22:03Speaker AIs the market premium large enough to cover the cost of holding the grain? For soybean growers? Navigating that chaotic WASDE estimate range means acknowledging that unpriced bushels carry massive two way risk on Tuesday. Huge risk. We aren't going to say what anyone should do, but a producer might evaluate if they have sized their pre report sales in a way that lets them sleep at night, regardless of whether the report validates the blizzard or the heat wave.
119. 22:27Speaker BExactly. For wheat, the practical consideration is recognizing that the risk is divorced from the US balance sheet. It is heavily tied to the Abu Dhabi talks. Yeah. A surprise diplomatic breakthrough, or a total collapse of the talks has the potential to violently get prices in opposite directions.
120. 22:45Speaker AMoving to the livestock side, feedlots face a tough basis puzzle, with December live cattle futures now sitting level with Northern cash. The math of taking a physical cash sale today versus hedging a price on the board has fundamentally changed compared to last week.
121. 23:00Speaker BAnd for cow-calf or stocker operators, that fifteen to nineteen dollars premium of the cash index over the futures market means the board is actively telegraphing lower cash ahead. Right? In that environment, it becomes critical to check your local barn results and verify actual cash movement in your region before reacting strictly to the screen.
122. 23:18Speaker AVery true.
123. 23:20Speaker BFinally, for hog producers, evaluating that nine dollars futures discount against their own specific breakevens is essential. Cheaper feed helps, but you have to run your own operations math against a forty six dollars base hog.
124. 23:34Speaker AWhen you look at the sheer volume of data dropping this week, from the fields to the feedlots to the federal reports, what is the underlying takeaway?
125. 23:43Speaker BIt leaves you with a profound realization about market mechanics. Honestly, because of the heightened scrutiny on the USDA following last month's computer file error, we are getting a stark reminder. These markets absolutely trade on physical supply and demand. Right. But they equally trade on the perception, the trust and the processing of data.
126. 24:02Speaker BThe psychological reality of how traders digest a revised number on a Tuesday spreadsheet can move the board just as violently as the physical reality of the grain sitting in the bin, or the cattle standing in the lot. The map is not always the territory, and sometimes the map has a massive typo.
127. 24:18Speaker BExactly. It is going to be a highly volatile week of processing reality versus perception. To dig deeper into the wasde numbers we covered and to see the full calendar of reports for the week, you can visit reports.agoptimus.com or check out their main site at www.agoptimus.com.
128. 24:36Speaker BFutures and options trading involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. All trading, marketing and hedging decisions are the sole responsibility of the producer. This deep dive is educational and is not a recommendation to buy, sell or hedge.