In today’s briefing:
- Copper Tracker July 2024: Physical/Equity Screens And Trades
- Crop Prices Plunge as Favorable US Weather Accelerates Planting, Growth, & Harvesting
Copper Tracker July 2024: Physical/Equity Screens And Trades
- Copper rebounded last week, rising 4% on the LME and 6% on the COMEX, led by improved sentiment but in line with most of its commodity complex peers.
- Check out our initiation, Copper Primer: What We Like About Copper and What to Play, and our equity initiation, Southern Copper: In a League of Its Own.
- We provide updates on the long copper-short gold trade we explored last week and the iron condor in Freeport Mcmoran (FCX US)
Crop Prices Plunge as Favorable US Weather Accelerates Planting, Growth, & Harvesting
- Corn and Wheat planted acreage are down 3% and 5% YoY, respectively. Meanwhile, Soybean total planted area is up by 5% YoY compared to 2023.
- Planted acreage and ending stocks drove prices down for wheat and corn. Soybeans bucked the trend as reported acreage fell short of WASDE estimates by 400k acres.
- A positive picture for 2024 planting season is visible, with the early benefits of warm temperatures and improved moisture levels setting the stage for strong yields.
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