ken morrison

Nat Gas:

+ Iranian Oil

"WASHINGTON, D.C. (August 1, 2025) – The Corporation for Public Broadcasting (CPB) announced today that it will begin an orderly wind-down of its operations"

cpb.org/pressroom/Co...

Lutnick two days ago: The Trump Economy has officially arrived!

Today: Economy shows weakest job growth over a 3-month period since the Great Recession, excluding 2020

BBG Commodity Index: Gold & Copper are 14% & 5% of the index weight respectively

Hawley is a political chameleon; he was against cutting medicaid before he voted for the bill, now he wants us to believe he can stop the cuts

First he insults Chuck, now Hawley. Down on the farm we call this the Mother Sow eating her piglets.

Copper: Buyers who have held since June 1 are underwater

Bunge: Beat Q2 earnings ests. on better than expected crush margins. Margins in the first 4 weeks of Q3 are about 35% better than the Q2 average.

The vibes presidency, this is what vibes based governing looks like….

agree, setting commodity trade 'deals' on $-values is all we need to know about the people doing the deals. Plain stupid. They've learned nothing from Trump's Phase 1 agreement w/ China.

President Trump is set to raise taxes on imports arriving from many countries, including Canada and Mexico, with rates up to 50%. See where all of the tariffs stand. nyti.ms/3J7lxpB

Based on the recent deluge of junk emails received, webinars and conferences 'How to Comply with I-9 Regs' is the newest cottage industry.

Silver Bulletin on metro Atlanta:

In the land of numerous syncophants, Rollins stands out. I laughed out loud at the "prosperity is just around the corner"

U.S. wheat exports to Bangladesh have ranged from 0 to 226k mt over the past 5 years, 3 years were 0 including the crop-year just ended. Unclear why U.S. Wheat Associates wants to put their name on a useless, toothless MOU.

I'm a big fan of Frontline

Crude: Leaking a bit

This does seem to be a thing with them:

$BG: Soy crush-margins continue to improve, best level in 9 months for w/e 7/11. Soy Oil is contributing 50% to the margin driven by biofuel demand, normal contribution is about 40-42%.

VN Trade 'Deal': If you're surprised Trump lied, you have not been paying attention.

Cattle Futures: Couple of nasty intraday reversals from record-highs

Cattle: Record live cattle futures Tuesday on the highest volume since May 2020. The full effect of rising beef prices usually takes 4-6 weeks to filter through to the consumer.

Copper: Right on cue, CME Group increased futures margins 22% , from $9k to $11k/contract effective tomorrow. Worth noting Comex is 20% premium to London; watch for possible movement of physical stocks deliverable vs. COMEX futures.

Coffee: Sentiment at 9% bullish is the least-bullish since January 2023.

Soy Meal: Front-month soy meal is a 9-year low as managed-$ funds hold a record-net short of (132k) contracts.

$BG: Soy processing margins w/e July 3rd are the best in 8 months

Opening gaps lower in all the major grains and soy to start the week