Bitcoin futures fly over 100,000!
“Futures File” has its foundation in commodity futures covering natural resources and raw materials, physical products at the heart of human needs. These include grains, metals, cotton and fuels.
Moving forward, investors and investments during the 1980s found futures contracts efficient and adaptable to a host of “financial futures” such as currencies, stock index futures, interest rate futures and, now with trepidation, bitcoin futures.
The December Bitcoin blew to a high of 102,725 on Wednesday and remains more than 100,000 as of Friday morning. Many analysts attributed the explosion to president-elect Trump’ s nomination of Paul Atkins to head the Securities and Exchange Commission. Atkins is known to be friendly to the crypto currency markets.
Low AG prices cause layoff at Cargill
One of largest food companies in the world that buys and processes grain and livestock from U.S. farmers and ranchers announced this week that it is laying off approximately 8,000 workers.
Cargill, which operates throughout the world, recently released quarterly results of $160 billion in revenue, down from $177 billion last year. Good crop yields have increased supply and lowered prices, which reduced potential profits for the company. Fears of U.S. tariffs targeting imports could also reduce their profitability.
Not so much climate change
The 2024 United Nations Climate Change Conference, commonly referred to as COP29, took place this November in Baku, Azerbaijan.
Critics noted that the host country is a major oil and gas producer as well as an authoritarian country noted for its poor human rights record. Many observers concluded that the results of the conference were weak and ineffective in the fight to reduce carbon emissions.
Unlike previous COP conferences, COP29 did not mention any push to phase out fossil fuel. In fact, more than 1,500 fossil fuel lobbyists were reported to have attended the conference. Funding issues for future climate change initiatives were considered to be far short of needed revenues and favoring wealthy nations while leaving the have-not nations behind looking down the road
CME midday prices: Price per bushel: January soybeans, $9.95; March corn, $4.40; March wheat, $5.57. December livestock per 100 pounds: Cattle, $187.20; hogs $83.25. Metals per troy ounce: February gold: $2,656; March silver: $31.50. March copper: $4.19 per pound. Crude oil per barrel, $67.40. December Euro currency $1.0550. December S&P is 6,093. December Bitcoin futures are trading at $102,440.
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