Latest / AG Bull / AG Squawk AM 11/5/2026 with Jed Sidwell | Midweek Market Pulse

Transcript

AG Squawk AM 11/5/2026 with Jed Sidwell | Midweek Market Pulse · AG Bull

• 0:09
  SPEAKER_00: Good morning and welcome to Ag Squawk AM.
• 0:11
  SPEAKER_00: Jed Sidwell here, registered broker, live from Joliet, Illinois.
• 0:16
  SPEAKER_00: Today on this fine Thursday morning, we'll be talking about the national soybean harvest progress, retail and demand on the protein side of things, and everyone's favorite chain burger place, Wendy's.
• 0:28
  SPEAKER_00: Link to all of that and more here in a bit.
• 0:48
  SPEAKER_00: Live cattle were down just 15 cents though at 218 even.
• 0:52
  SPEAKER_00: Lean hogs were down about a dollar at 57 and a half.
• 0:57
  SPEAKER_00: As we look towards the grain markets here, like to shout out our sponsor, plus 500.
• 1:01
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• 1:06
  SPEAKER_00: And as I look here live, the December corn contract is at 445 and three-quarters.
• 1:11
  SPEAKER_00: January soybeans are at 1207 even.
• 1:14
  SPEAKER_00: And the December Chicago wheat contract is up just a hair at 602 and a half.
• 1:20
  SPEAKER_00: Looking towards the weather in South America, we'll get to that here in a bit, but first, here at home and abroad, the cornbelt rain ends, and we're going to see 10 plus dry days beginning Friday, with the mid-south being exceptionally dry and warm.
• 1:37
  SPEAKER_00: But as we look towards South America, Southern Brazil and Paraguay are seeing severe storms that are very, very heavy in terms of their just totals of rain.
• 1:47
  SPEAKER_00: They're not going to be very scattered at all.
• 1:49
  SPEAKER_00: As you can see, there's an epicenter right there in Paraguay and Southern Brazil.
• 1:53
  SPEAKER_00: They're going to be one more significant event late tomorrow into Saturday before a welcome below normal dry run.
• 2:02
  SPEAKER_00: You know, you might be wondering why are we talking about South American weather so much?
• 2:06
  SPEAKER_00: We don't even live there.
• 2:07
  SPEAKER_00: Well, that's because this time of year, the market has so much to do with what is going on in the south of the equator weather.
• 2:15
  SPEAKER_00: It's their harvest season right now.
• 2:17
  SPEAKER_00: Their winter is our summer.
• 2:20
  SPEAKER_00: So everything's vice versa.
• 2:22
  SPEAKER_00: They're going right into what would be their summer.
• 2:25
  SPEAKER_00: So we have to pay attention to their harvest progress or their crop progress and their weather down there.
• 2:31
  SPEAKER_00: Looking towards all here on the home front, though, soybeans are slowly getting out of the fields.
• 2:37
  SPEAKER_00: We're at 88% as a nation harvested.
• 2:41
  SPEAKER_00: Most of the East Coast is the culprits for not for being just a little bit behind.
• 2:46
  SPEAKER_00: Obviously, we have some double crop stuff here in the I States that still needs to come out and uh into Kansas and Missouri there.
• 2:53
  SPEAKER_00: Some beans that are just later, some double crops there as well.
• 2:58
  SPEAKER_00: Looking on the livestock market side of things, you know, it's been a tough cattle trade here the past couple weeks.
• 3:03
  SPEAKER_00: Uh there's no denying that at all, cash has gone down.
• 3:06
  SPEAKER_00: Futures have just been incredibly volatile and going down for quite some time now.
• 3:12
  SPEAKER_00: And it's hard to feel just super optimistic.
• 3:15
  SPEAKER_00: But if we compare this to the pork business right now, man, we're doing all right.
• 3:19
  SPEAKER_00: This is the retail and demand farmers' share of the retail dollar.
• 3:23
  SPEAKER_00: Now, obviously, I'm well aware that the pork industry is very different, it's vertically integrated.
• 3:29
  SPEAKER_00: A lot of that dollar is made from just sheer, you know, growth and pounds in the shortest amount of time and being incredibly, incredibly efficient.
• 3:41
  SPEAKER_00: But it's still something to look at.
• 3:43
  SPEAKER_00: You know, we have seen that decrease here in the recent time.
• 3:46
  SPEAKER_00: This goes back 20 years here on this chart, but we're still kind of in an upward projection of getting the share of the retail dollar.
• 3:54
  SPEAKER_00: The pork side's kind of been almost trending down ever so slightly.
• 3:58
  SPEAKER_00: Hopefully, we can see a bounce back in both protein industries.
• 4:01
  SPEAKER_00: We are becoming a more protein-centric nation, and hopefully that will show in the markets here as we, you know, work towards more GLP ones and things like that.
• 4:11
  SPEAKER_00: Here's the big headline today.
• 4:13
  SPEAKER_00: Wendy's rejects the takeover proposal from Nelson Peltz's Tri-An.
• 4:19
  SPEAKER_00: Wendy's said this morning that it is rejecting the$1.4 billion takeover offer from a group of investors led by Nelson Peltz's Tri-An Fund Management.
• 4:30
  SPEAKER_00: Wendy said that the proposal does not reflect potential gains from the Burger Chain's turnaround strategy.
• 4:35
  SPEAKER_00: The company also said its same store sales declined again in the third quarter, though it beat Wall Street's earnings and revenue expectations.
• 4:45
  SPEAKER_00: You know, I'm a big fan of Wendy's, and I think they do a pretty good job over there.
• 4:49
  SPEAKER_00: But they have seen a lot of decline here recently, especially to some of their other competitors.
• 4:54
  SPEAKER_00: They've closed some stores and things like that.
• 4:57
  SPEAKER_00: And certainly higher beef prices don't help them at all.
• 5:00
  SPEAKER_00: But at the same time, I think being efficient in this market is very, very key.
• 5:06
  SPEAKER_00: You know, you look at drive-throughs of other restaurants, you know, they have people standing outside to push you through the drive-thru as fast as possible.
• 5:12
  SPEAKER_00: Now, human resources costs are very, very expensive, but I feel like Wendy's might need to look towards their efficiencies going further.
• 5:21
  SPEAKER_00: On the economic calendar for today, the export sales come out here as I am speaking at 7 30 a.m.
• 5:26
  SPEAKER_00: and the jobless claims come out and the non-farm productivity at the very same time.
• 5:30
  SPEAKER_00: The natural gas storage change storage change comes out at 9 30 a.m.
• 5:35
  SPEAKER_00: Central.
• 5:36
  SPEAKER_00: Well, thank you for watching and thank you for listening this morning.
• 5:38
  SPEAKER_00: It's always a pleasure to talk to you every single day.
• 5:41
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• 5:51
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• 6:02
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• 6:17
  SPEAKER_00: Well, thanks for tuning in this morning.
• 6:19
  SPEAKER_00: Always a pleasure talking to you.
• 6:20
  SPEAKER_00: Like I said, I'm Jed Sidwell with Ag Bull Media.
• 6:23
  SPEAKER_00: We're a financial channel that absolutely loves agriculture.
• 6:26
  SPEAKER_00: Have a great day.