Latest / AG Bull / AG Squawk AM 11/2/2026 with Jed Sidwell | Crude Oil BELOW $100

Transcript

AG Squawk AM 11/2/2026 with Jed Sidwell | Crude Oil BELOW $100 · AG Bull

• 0:09
  SPEAKER_00: Good morning and welcome to Ag Squawk AM.
• 0:12
  SPEAKER_00: Jed Sidwell here, live from Juliet, Illinois.
• 0:15
  SPEAKER_00: Today on this fine Monday morning, we'll be talking about some of those flash export sales of soybeans, what's going on with the Mexican border, and the reason why oil has dropped below$100 a barrel.
• 0:28
  SPEAKER_00: Yeah, you heard that right.
• 0:29
  SPEAKER_00: We'll get to all of that and more here in a bit.70.
• 0:54
  SPEAKER_00: They were down in some more in even some of the back months.
• 0:57
  SPEAKER_00: Lean hogs were down about a buck at 58.88.
• 1:01
  SPEAKER_00: Before I quote the grain markets like the shadowed our sponsor, plus 500.
• 1:05
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• 1:10
  SPEAKER_00: And as I look here, the December corn track corn contract is up a little bit at 451 and three-quarters.
• 1:17
  SPEAKER_00: January soybeans are 1234 and three-quarters.
• 1:20
  SPEAKER_00: And December Chicago wheat is at 606 and a half.
• 1:25
  SPEAKER_00: Looking towards the weather, we're going to talk a bit about South America.
• 1:28
  SPEAKER_00: But first, the Corn Belt is going to see rain tonight through Wednesday, about a half inch to an inch and a half through scattered areas.
• 1:37
  SPEAKER_00: Then we're going to see seven to eight very, very dry days with temperatures six to eleven degrees above normal.
• 1:44
  SPEAKER_00: Even in some places tomorrow today and tomorrow, we could see 20 degrees above the normal.
• 1:51
  SPEAKER_00: Absolutely crazy there.
• 1:52
  SPEAKER_00: But here is what we have going in South America, affecting their crop down there.
• 1:56
  SPEAKER_00: Southern Brazil is heavily wet.
• 1:58
  SPEAKER_00: They're going to get two to four inches through Wednesday with 15 days totals around four to six inches in the north.
• 2:05
  SPEAKER_00: Northern Brazil is light with the dry risk and the west, central, and northwestern part of Mato Grosso, they're seeing quite a bit of water there.
• 2:16
  SPEAKER_00: On to the grain market discussion for today.
• 2:19
  SPEAKER_00: And I figured I'd pop this on because the price of soybeans has slid quite a bit.
• 2:23
  SPEAKER_00: And I figured I'd pop this on to maybe shed some light on the subject and why this is happening.
• 2:28
  SPEAKER_00: And as you can see there, those are our flash sale of soybeans across the country.
• 2:33
  SPEAKER_00: And as we roll into this new month here, we get to start a new bar in that bar chart.
• 2:38
  SPEAKER_00: The yellow is China.
• 2:40
  SPEAKER_00: The black portion there is unknown.
• 2:42
  SPEAKER_00: And the little other strips throughout are the random other countries.
• 2:46
  SPEAKER_00: But that red one, if you gave me 10 guesses, I don't know if I could have guessed who that red line was.
• 2:52
  SPEAKER_00: That'd be Spain.
• 2:53
  SPEAKER_00: We had a lot of export sales too, getting some over there to the EU finally, uh to you know go towards livestock feeding is their main use of most of those grains.
• 3:04
  SPEAKER_00: It'd be interesting to see.
• 3:05
  SPEAKER_00: That was a tough growing season for them over there in all of their grain space.
• 3:10
  SPEAKER_00: If we can maybe make that a bigger customer, uh, that would be great just in terms of year-to-year demand.
• 3:17
  SPEAKER_00: Looking towards uh the livestock side of things, the Mexican border is catching huge headlines just because of the new ports opening, more cases, uh a lot, a lot of different ways that you can perceive this.
• 3:31
  SPEAKER_00: And if we look at this chart here, it looks a little concerning.
• 3:35
  SPEAKER_00: You know, we open more and more ports, and that red line of screwworm cases keeps going and going up.
• 3:42
  SPEAKER_00: That's 10 cases per week.
• 3:44
  SPEAKER_00: I mean, if we compare that to the amount of flu cases in the United States, we'd be thinking that, you know, this the flu is a national epidemic.
• 3:53
  SPEAKER_00: But because it's new and scary and something outside of the norm, you know, we're we give worry to it.
• 4:01
  SPEAKER_00: And I talked about it in length on Davis's show last Friday, discussing kind of some of my personal opinions on the matter.
• 4:07
  SPEAKER_00: And, you know, we keep on opening and opening more ports.
• 4:10
  SPEAKER_00: That's still not near the number of cattle that we had before closure.
• 4:14
  SPEAKER_00: We'll see how this goes on and how it progressed.
• 4:16
  SPEAKER_00: We haven't even ex accessed a Texas port yet, and what will happen there when we do.
• 4:22
  SPEAKER_00: Here's what we have in the breaking news column for today.
• 4:25
  SPEAKER_00: U.S.
• 4:26
  SPEAKER_00: crude falls below$100 amid reports of U.S.
• 4:29
  SPEAKER_00: Iran diplomatic efforts.
• 4:31
  SPEAKER_00: And as I look here, the December crude oil contract is at ninety-nine fifty-three.
• 4:37
  SPEAKER_00: Whew, coming down big from 105 where it was at just a short while ago.
• 4:43
  SPEAKER_00: And here is what we have to say about it.
• 4:46
  SPEAKER_00: The U.S.
• 4:46
  SPEAKER_00: Secretary of State Marco Rubio said that Trump prefers not to use military force and would like to resolve the Iranian war diplomatically.
• 4:56
  SPEAKER_00: That's a maybe stark contrast to what we were talking about last week.
• 5:00
  SPEAKER_00: Iranian authorities also signaled that a deal is possible following two days of talks mediated by Qatar, as long as demands are implemented tangibly, according to Al Jazeri.
• 5:13
  SPEAKER_00: Al Jazeera.
• 5:15
  SPEAKER_00: However, concerns over the Middle East and Ukrainian conflicts will likely linger in the t in the near term, affecting these markets like they have for a while.
• 5:26
  SPEAKER_00: We'll see how this plays out.
• 5:27
  SPEAKER_00: You know, it seems like we get a different headline from week to week on how this problem will be resolved.
• 5:32
  SPEAKER_00: The market responded to this one.
• 5:34
  SPEAKER_00: Um, so I'm interested and hopeful that we see a slight decry decrease in the price of oil.
• 5:42
  SPEAKER_00: So we've been chipping at a rather unsustainable level.
• 5:45
  SPEAKER_00: Here's what we have on the economic calendar for today.
• 5:47
  SPEAKER_00: The SP Global Manufacturing PMI comes out at 8 45 a.m.
• 5:52
  SPEAKER_00: The ISM Manufacturing Index at 9, export inspections at 10, fats and oils and grain crushings at 2, and the crop progress report comes out after the close at 3 p.m.
• 6:05
  SPEAKER_00: Central.
• 6:06
  SPEAKER_00: Well, thank you for watching and thank you for listening today.
• 6:09
  SPEAKER_00: It's always a pleasure to hop on here and talk to everyone before they start their day.
• 6:13
  SPEAKER_00: We have a lot of content and a lot of things to offer here at AgBull.
• 6:17
  SPEAKER_00: And if you're not aware of them all, I encourage you to go to our website at AgBull.com.
• 6:23
  SPEAKER_00: Our premium service is the best thing that we offer when it comes to staying updated and what's happening in these markets.
• 6:29
  SPEAKER_00: We get it.
• 6:30
  SPEAKER_00: You guys are busy, you have things going on.
• 6:32
  SPEAKER_00: We're getting towards the end of harvest.
• 6:35
  SPEAKER_00: Before we know it here, people are going to be starting to worry about calving in the winter months and the weather problems there.
• 6:41
  SPEAKER_00: We all have a lot on our plate, but we need to pay attention to these markets.
• 6:45
  SPEAKER_00: And the best way to do so is through AgBull Media with those text updates, email updates, short videos you can plug in your ear to stay informed on what's going on in the world.
• 6:54
  SPEAKER_00: There's a lot that we offer there.
• 6:56
  SPEAKER_00: I encourage you to go over to AgBull.com.
• 6:59
  SPEAKER_00: Make sure and catch this show where it live streams on all platforms on X at 8 15 a.m.
• 7:05
  SPEAKER_00: and 8 15 p.m.
• 7:07
  SPEAKER_00: It's a great way to stay educated.
• 7:09
  SPEAKER_00: Well, thank you for watching.
• 7:10
  SPEAKER_00: Thank you for listening.
• 7:11
  SPEAKER_00: I'm Jed Sidlow with AgBull Media.
• 7:13
  SPEAKER_00: We're a financial channel that absolutely loves agriculture.
• 7:16
  SPEAKER_00: Have a great day.