Highlights
The National Oilseed Processors Association (NOPA) soybean crush was an all-time monthly high in October. NOPA members crushed 199.959 million bu., eclipsing the record of 196.406 million bu. set in March of 2024. To learn all about NOPA, go to: https://www.wrightonthemarket.com/post/about-the-nopa
"The economy is not sending any signals that we need to be in a hurry to lower rates", said Federal Reserve Chair Jerome Powell on Thursday during a speech in Dallas. That contributed to a stronger dollar and a spike higher for interest rates (lower bond prices) in the secondary market. The market priced-in a 55% probability the Fed will reduce the interest rate in December, down from 80% in the previous day.
Also on Thursday, Advance Auto Parts announced it will join more than a dozen other national and regional chains closing hundreds of stores. In this case, Advance Auto Parts will close more than 700 stores in 2025. GM announced 1,000 employees were laid-off yesterday following 1,000 GM employees laid-off about two months ago.