Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market update: The S & P 500 is nicely higher on Thursday, overcoming the market’s soft open. Stocks are shrugging off concerns about tariffs on copper imports and President Donald Trump’s plan to impose a 50% tariff on Brazil beginning Aug. 1. The Nasdaq is underperforming in the session, dragged down by weakness in technology — especially software and cybersecurity stocks — as well as communication services, with Netflix and Meta Platforms among the notable decliners. The pullback may signal a continued, modest rotation out of higher-multiple names and into value-oriented stocks that have lagged. AWS liquid cooling ambitions: We’re keeping an eye on the data center industrial build-out plays. The group’s mostly lower Thursday, getting swept up in the rotation out of some leaders and into underperformers. However, there is also news that may be affecting some stocks. Amazon said Wednesday that its cloud computing division, Amazon Web Services, has developed its own in-house solution to solve the cooling needs of Nvidia’s next-generation AI chips. When Nvidia chips are performing AI tasks, they run hot. The older generation of chips could get by on traditional air cooling, but everything from Nvidia’s Blackwell chips and up will require liquid cooling to avoid overheating. This created a problem for Amazon. The company wanted its current infrastructure to be ready for the Blackwell rollout, and building new data centers would have taken too much time. Existing third-party solutions, meanwhile, can’t be scaled and would have caused other problems. What AWS did — in traditional Amazon fashion — was create its own hardware. Through what the company is calling In-Row Heat Exchangers or IHRX, Amazon can install this new hardware into data centers and make them ready to go for Blackwell. This is a positive development for both Nvidia and Amazon, as it enables Amazon to deploy more Blackwell chips without being limited by its existing air-cooled infrastructure. This in-house development shouldn’t have a material impact on our data-center-centric industrials. Eaton specializes in electrical equipment that is found all throughout data centers — things like transformers, switchgears, and battery systems. Eaton also makes uninterruptible power systems for chip liquid cooling pumps, so the shift toward more liquid cooled data centers could be positive for those sales. As for Dover, it makes thermal connectors so think of it as the “plumbing” in liquid cooling systems. Up next: Levi Strauss reports earnings after the closing bell. No major earnings reports or economic data releases before the opening bell on Friday. But we have our third annual meeting for the Investing Club tomorrow, where we’ll discuss our latest strategies for this volatile market as well as updates on portfolio names. The livestream starts at 10:30 am. ET. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Category: 3. Business
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Verve Therapeutics, Inc. (VERV): A Bull Case Theory
We came across a bullish thesis on Verve Therapeutics, Inc. on Stock Region Research’s Substack by Stock Region. In this article, we will summarize the bulls’ thesis on VERV. Verve Therapeutics, Inc.’s share was trading at $11.26 as of June 26th.
A scientist in a laboratory working on a gene editing tool, to create treatments for rare genetic diseases.
Verve Therapeutics’ stock surged an astounding 75% following Eli Lilly’s $1.3 billion acquisition announcement, signaling a pivotal moment for the biotech space. At the heart of this excitement is VERVE-102, Verve’s lead drug candidate targeting cardiovascular disease. The therapy, which aims to eliminate chronic disease management through gene editing, could mark a paradigm shift in how heart disease is treated.
The FDA’s Fast Track designation for VERVE-102 further underscores the drug’s breakthrough potential and validates Verve’s scientific approach. Eli Lilly’s substantial bid is a clear vote of confidence, suggesting the pharma giant sees transformational value in Verve’s pipeline. The acquisition not only provides financial validation but also shines a light on the evolving landscape of biotech, where high-impact innovation meets large-scale pharmaceutical backing. From a technical perspective, bullish momentum remains strong above $11.27, with caution advised if the stock dips below $10.95.
Beyond the numbers, this deal exemplifies how cutting-edge therapies are attracting serious capital and reshaping the future of medicine. The excitement surrounding Verve’s breakthrough technology and Eli Lilly’s aggressive investment underscores the growing belief in gene editing as a frontier in healthcare. For investors, this move by Lilly isn’t just about Verve—it reflects a broader confidence in biotech’s ability to redefine chronic disease care.
With VERVE-102 leading the charge and now bolstered by big pharma support, Verve appears well-positioned at the intersection of innovation and real-world impact, making this a landmark moment for the company and the sector at large.
Previously we covered a bullish thesis on CRISPR Therapeutics AG (CRSP) by Two Natural Cap in June 2025, which highlighted the company’s role in a groundbreaking base-editing therapy for a rare liver disorder. The company’s stock price has appreciated approximately by 12.4% since our coverage. The thesis still stands as CRSP advances gene-editing leadership. Stock Region shares a similar outlook but emphasizes Verve’s cardiovascular focus.
VERV isn’t on our list of the 30 Most Popular Stocks Among Hedge Funds. While we acknowledge the risk and potential of VERV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Making healthy snacks a habit when afternoon energy slumps strike at work
NEW YORK — When Claire Paré was a classroom teacher, working in a setting where every minute, down to the bathroom breaks, was scheduled, she brought granola bars, fruit and protein shakes to school so she’d be prepared when hunger hits.
Then she transitioned to a job at education publisher McGraw Hill. Working remotely at home in New Hampshire, her children’s cheddar bunny crackers and Fruit Roll-Ups lured her to the pantry, confounding her commitment to healthy snacking.
“I have the opportunity to be judicious, but I choose not to most of the time,” Paré said. “I really do enjoy being able to put the time into making something, but oftentimes convenience just has to win out.”
Eating healthy snacks during the workday can be challenging. Many people find themselves facing down a mid-afternoon slump and accompanying sugar, caffeine or carbohydrate cravings after lunch. Busy adults racing from back-to-back meetings to family commitments often reach for what’s easy, whether it’s a candy bar from the office vending machine or potato chips from a kitchen cupboard.
The problem with eating packaged sugary or salty snacks to get through the afternoon is they may spike blood sugar levels but don’t give a sustained second wind, according to Beth Czerwony, a registered dietitian at Cleveland Clinic.
“It’s going to burn off really fast, so you’re going to get that boost of energy and then all of a sudden you’re going to get another crash,” Czerwony said. “Some people just chase that for a while, and they’re drinking coffee or their energy drinks and they’re eating their candy, and it just sets you up for these spikes and these drops.”
Here are some ideas for maintaining healthy snacking habits at work.
Foods that are high in protein, such as Greek yogurt, hard-boiled eggs, cottage cheese and beef or turkey jerky, can help people feel full for longer periods of time than snacks without protein, said Caroline Susie, a Dallas-based registered dietitian and spokesperson for the Academy of Nutrition and Dietetics.
Eating a snack consisting of refined carbohydrates such as a bagel causes blood sugar to rise rapidly and then drop, so teaming it up with another source of nutrition is preferable, Susie said.
“When you pair that carbohydrate with lean protein or have a protein-forward choice, it contributes to satiety. So you’re just going to stay fuller longer,” she added.
Czerwony recommends snacks that combine lean proteins with complex carbohydrates such as crackers, rice cakes or fruit. The combination works because carbohydrates raise blood sugar, giving you a boost, while the protein takes longer to digest, helping to sustain you for longer, she said.
“The carbohydrates are like the kindling on the fire, and then the proteins are the logs,” Czerwony said. “You’re going to get the slow burn from the protein, but you need that sudden start, so you have the carbohydrates to get you going.”
Many people find it hard to resist crunchy foods. For a satisfying munch, the American Heart Association recommends sliced apples with a tablespoon of low-sodium peanut butter, pears dipped in reduced-fat cottage cheese, vegetables such as carrots, celery, bell peppers, cucumber or zucchini paired with hummus or tzatziki sauce, popcorn, rice cakes or unsalted nuts and seeds. You can also roast chickpeas, which provide both protein and carbohydrates.
For a packaged snack, read the nutrition label to check how much added sugar and sodium it contains, the association suggests.
The Cleveland Clinic recommends whole fruit, edamame, seeds, a handful of nuts or a single-serving package of tuna that you can eat with a fork.
Bringing your own snacks to work can help you control the quality and quantity of what you eat, Czerwony said. Try slicing vegetables, cheese or low-fat meats on weekends to last through the week, she said.
“If you have all that stuff already made, then it’s easy in the morning to just grab it and go,” she said.
Take along a small, soft-sided cooler to help keep snacks like yogurt, sliced veggies or hummus fresh. “Get cute little bento boxes, get little containers, make it fun if that’s something that you want to do, because we’ll eat things that are more attractive instead of just being in a Ziploc,” Czerwony said.
Petra Durnin, a Los Angeles-based senior director at commercial real estate firm JLL, blends greens, nuts, berries, avocado, banana and chia or flax seeds into homemade smoothies, which she makes in large batches. At night, she moves one jar to the fridge to thaw for the next day. An afternoon smoothie keeps her full until dinnertime and less likely to reach for chips, chocolate and sugar, she said.
“I feel like I have better brain clarity,” Durnin said. “I’m able to push through the afternoon and work more efficiently. I don’t feel bloated, bogged down. It just feels better.”’
Adopting healthy snacking habits doesn’t mean you have to deprive yourself entirely of treats. If a coworker is celebrating a birthday, an occasional slice of cake won’t completely derail healthy habits.
“Let’s not demonize food,” Susie said.
Before dipping into a bag of chips, eat a meal that includes lean protein, complex carbohydrates and healthy fat, and then add something healthy to the snack while keeping an eye on portion size, Susie said.
“There’s not going to be a perfect substitute for chips. You can eat carrots all you want, but you can’t trick your body with thinking that they’re chips,” Czerwony said. “If you want a chip, have the stinking chip and just be done with it.”
However, a constant hankering for chips could be a sign of a dietary deficiency, and it’s worth figuring that out so “those types of things are more treats than something that’s in the routine mix of what you’re eating throughout the day,” Czerwony said.
Gisela Marx, 53, rarely gets a chance to sit or eat while working as deputy front of house manager at the Auditorium Theater in Chicago. On event days, she works from 3 p.m. until 11 p.m. or later. She packs healthy snacks such as watermelon and nuts.
She also keeps an emergency stash of Reese’s Pieces, which her boss has to replenish if he eats the last one.
“Just having it there is a comfort. I can always have it if I want it,” Marx said.
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Share your stories and questions about workplace wellness at cbussewitz@ap.org. Follow AP’s Be Well coverage, focusing on wellness, fitness, diet and mental health at https://apnews.com/hub/be-well
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Tesla announces November annual meeting under pressure from shareholders
Tesla has scheduled an annual shareholders meeting for November, one day after the electric vehicle company came under pressure from major shareholders to do so.
Billionaire Elon Musk’s company said in a regulatory filing on Thursday that the meeting will be held on Nov. 6. A group of more than 20 Tesla shareholders said in a letter to the company a day earlier that it needed to provide public notice of the annual meeting.
Texas law states businesses must hold annual meetings within 13 months of their last one, if shareholders request it. But the law also allows for “written consent instead of the annual meeting” to be executed within the 13-month timeframe. Tesla is incorporated in Texas.
The annual meeting, given Tesla’s fortunes this year, has the potential to be a raucous event and it is unclear how investors will react to the delay, which is rare for any major U.S. corporation.
Tesla shares have plunged 27% this year, largely due to blowback over Musk’s affiliation with President Donald Trump, as well as rising competition.
Many shareholders have been miffed by Musk’s participation in the Trump administration this year, saying he needs to focus on his EV company which is facing extraordinary pressures.
“An annual meeting provides shareholders with the opportunity to hear directly from the board about these concerns, and to vote for or against directors, the board’s approach to executive compensation, and other matters of material importance,” the group said in the letter.
Tesla’s last shareholders meeting was on June 13 of last year, where investors voted to restore Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier that year.
Tesla also said in its regulatory filing on Thursday that July 31 is the new deadline for the submission of proposals to be included in the proxy statement. In a January filing, Tesla said it would file its proxy statement for this year’s annual meeting by the end of April.
However, the company filed an amended report on April 30, saying that it didn’t have a date for the meeting yet. Tesla also said in that filing that it was creating a special committee to look at Musk’s compensation as CEO.
Also on Thursday, Musk said that the Grok chatbot will be heading to Tesla vehicles.
“Grok is coming to Tesla vehicles very soon. Next week at the latest,” Musk said on social media platform X, in response to a post stating that Grok implementation on Teslas wasn’t announced on a Grok livestream Wednesday.
Grok was developed by Musk’s artificial intelligence company xAI and pitched as an alternative to “woke AI” interactions from rival chatbots like Google’s Gemini, or OpenAI’s ChatGPT.
Yet Grok has had a bumpy ride during its rollout.
On Wednesday xAI announced that it was taking down “inappropriate posts” made by its Grok chatbot, which appeared to include antisemitic comments that praised Adolf Hitler.
Shares of Tesla rose more than 3% in Thursday morning trading after tumbling this week as the feud between Trump and Musk heated up again.
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UK arrests four people over cyber attacks on Marks & Spencer, Co-op and Harrods
UK police have arrested four people for cyberattacks targeting major British retailers Marks & Spencer, Co-op, and Harrods
LONDON — Four people alleged to be part of an organized crime ring were arrested Thursday for damaging cyber attacks that hit British retailers Marks & Spencer, Co-op and Harrods, the National Crime Agency said.
The unnamed suspects were identified as British males aged 17 and 19, a 20-year-old British woman and a 19-year-old Latvian man. They were arrested on suspicion of blackmail, money laundering, crimes for violating the Computer Misuse Act and participating in an organized crime group.
M&S said the cyberattack in April stopped it from processing online orders, left store shelves empty and cost it about 300 million pounds ($407 million).
Supermarket chain Co-op said attackers stole customers’ personal data, disrupted payments and prevented it from restocking shelves. Luxury London department store Harrods restricted online access in May after it was unable to process orders.
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MP Materials won a big rare-earth contract with Uncle Sam, and the stock rockets
By Steve Gelsi
America’s only fully integrated rare-earth producer will receive a ‘multibillion-dollar’ package of investments to build a magnet-manufacturing plant
MP Materials Corp.’s stock skyrocketed in early trading Thursday, after the rare-earth producer said it inked a public-private partnership with the U.S. Defense Department to boost domestic magnet production and to reduce dependence on foreign sources.
MP Materials (MP) said the U.S. government will emerge as its largest shareholder with 15% of its stock as it works to build its new 10X Facility at a yet-to-be-announced location. The company, which bills itself as “America’s only fully integrated rare earth producer,” plans to open the magnet manufacturing plant in about three years and update its existing mine in Mountain Pass, Calif.
The stock soared 46.3% to $43.90 a share in afternoon trading as it headed toward a three-year high. The gains are putting the stock on track to smash its current one-day record rally of 21.7% on April 14, 2025.
D.A. Davidson analyst Matt J. Summerville reiterated a buy rating on MP Materials’ stock and praised the deal.
“We view this partnership as clearly transformative, although not entirely surprising given the [Trump] administration’s priorities with respect to critical minerals/materials,” Summerville said in a research note.
James Litinsky, founder and chief executive of MP Materials, said, “This initiative marks a decisive action by the Trump administration to accelerate American supply chain independence.”
The Pentagon and MP Materials inked a 10-year price floor agreement of $110 per kilogram for the company’s neodymium and praseodymium rare-earth products for use in batteries and other electronic components.
The U.S. government has also committed to buy $400 million of newly issued preferred stock, which will be convertible into common stock, and a warrant to purchase additional common shares.
JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) have pledged $1 billion in financing for building the 10X Facility. MP Materials also received a $150 million loan from the U.S. government.
The company will use the money to expand its existing rare earths separation and processing capabilities, as well as its existing location in Mountain Pass, Calif., it said. It’s also commissioning its Texas-based magnetics facility called Independence.
Baird analyst Ben Kallo said last month that a big deal was coming.
“We see a partnership announcement with a large [original equipment manufacturer] and/or support from the U.S. government as potential catalysts to monitor,” he said at the time. “MP is in the driver’s seat at the negotiating table given their status as the only scaled U.S. producer.”
MP Materials extracts, refines, and separates rare-earth materials at what is currently the world’s second-largest rare-earth mine in Mountain Pass, Calif. The largest mine in the world is located in China.
MP went public in 2022 in a merger with a special purpose acquisition company, as one of the many blank-check deals put together by Chamath Palihapitiya, a venture capitalist known as the SPAC King and who co-hosts of the popular podcast “All-In.”
Ahead of Thursday’s moves, MP Materials’ stock had rallied 92.5% in 2025 through Wednesday, while the Nasdaq Composite Index COMP has gained 6.7% and the S&P 500 index SPX has tacked on 6.5%.
Also read: Why it’s nearly impossible for America to meet its rare-earth needs after China’s export restrictions.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-10-25 1333ET
Copyright (c) 2025 Dow Jones & Company, Inc.
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Trading firms Virtu and Citadel Securities clash over new options exchange
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Virtu Financial has come out against rival Citadel Securities’ attempts to block the opening of a new US options exchange, as the high-speed trading giant wades into a dispute over market structure that has sucked in some of Wall Street’s biggest names.
The disagreement hinges on the implementation of a 350-microsecond so-called “speed bump” that US exchange operator IEX — made famous by the Michael Lewis’s bestseller Flash Boys — hopes will protect traders on its proposed exchange from buying and selling options at stale prices.
This mechanism will allow IEX to cancel and reprice a small proportion of orders, but critics of the plan, including billionaire Ken Griffin’s Citadel Securities, say it would end up harming ordinary investors while enriching IEX’s shareholders and market makers.
New York-headquartered Virtu on Wednesday wrote to the Securities and Exchange Commission in support of IEX, which says it wants to shield investors from the cost of latency arbitrage — the exploitation by high-frequency traders of the microseconds it takes prices to reflect broader market moves.
Virtu’s intervention comes three weeks after Citadel Securities criticised what it described as IEX’s “nefarious” and “unlawful” plan “to introduce an unprecedented quote cancelling scheme” into the ballooning US options market, in a letter to the SEC.
Retail broker Charles Schwab, the New York Stock Exchange and Nasdaq have also said that IEX’s plan to launch a new equity options exchange should not be approved.
But in its letter, Virtu said IEX’s proposal “represents a well-intentioned effort to advance” market transparency and improve “the investor experience”.
It added: “The introduction of new trading venues has the potential to promote competition, foster innovation and possibly deliver better trading outcomes for all market participants.” Virtu was co-founded by Doug Cifu and Vincent Viola, former chair of the New York Mercantile Exchange and the owner of ice hockey team the Florida Panthers.
Citadel Securities and IEX have clashed before. In 2015, Citadel Securities sought to block IEX’s application for registration as a national securities exchange, writing at the time that a new entrant would “create confusion for the marketplace, and for retail investors in particular”.
Citadel’s attempt was ultimately unsuccessful, although 11 years later IEX remains a small player in US equities, with a market share of roughly 2.6 per cent, according to the firm.
Citadel’s latest attempt to shut down IEX’s planned move into the options market has drawn the ire of pressure group We The Investors, which wrote to the SEC on the subject earlier this month.
“Almost 10 years since the first comment letters were filed against the IEX Equities exchange application, and all we have are the same tired, recycled arguments,” said WTI chief technology office Dave Lauer in the letter.
“It has become clear that despite critics’ attempts to rewrite history and pretend that there is no such thing as latency arbitrage, such arbitrage does exist, and exploits both geographical and technological latencies in order to earn profits for the fastest traders to the detriment of slower traders,” he added.
John Ramsay, chief market policy officer at IEX, said: “For the people who complain that the quotes will be inaccessible, it’s worth asking inaccessible to whom and for what purpose. If the answer is they’ll be inaccessible to people who are using latency arbitrage, that is exactly the point.”
Additional reporting by Jennifer Hughes
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U.S. Wheat Exports Rebound in 2024/25 Thanks to Increased Production and Price Competitiveness
Farmers are already prepping their combines for harvest by the time the wheat marketing year ends on May 31, but a look back shares the story of the commitment of U.S. farm families and the industries that support them to keeping the U.S. wheat store open for the world’s buyers.
The 2024/2025 marketing year (June 1, 2024-May 31, 2025) realized a rebound in U.S. wheat exports, driven largely by recovery in U.S. wheat production and competitive pricing. Overall, total U.S. wheat exports increased nearly 16% year-over-year to 820 million bushels (22.3 million metric tons), according to USDA’s June 2025 World Agricultural Supply and Demand Estimates (WASDE) report.
Significantly, this increase was achieved despite China being relatively absent from the U.S. and global wheat market this past marketing year. The Chinese government limited wheat imports to protect its domestic producers, resulting in roughly 147 million bushels (4.0 MMT) imported from all origins, a sharp 70% decrease from the prior year.
A recovery in U.S. wheat production is being credited with helping push exports in the 2024/24 marketing year. Mexico Maintains Its Place as Top Customer
In contrast, Mexico was a standout customer, hitting record levels in 2024/25 as the top market for U.S. wheat. In April 2025, old crop sales to Mexico reached a record 17.3 million bushels (472,000 MT) for the month, raising total exports to Mexico nearly 147 million bushels (4.0 MMT), according to export data from the USDA Federal Grain Inspection Service (FGIS).
A major contributing factor to the recovery in export sales was an increase in U.S. wheat production in 2024/25. Following a substantial multi-year drought that plagued large geographies of wheat country, U.S. farmers had more acres make it from planting to harvest. Overall, producers harvested wheat on 38.5 million acres (15.6 million hectares) and production increased 9% to 1.97 billion bushels (53.6 MMT).
Combined with production issues in key competing origins and competitive pricing opportunities, more bushels harvested in the United States meant more bushels to market overseas.
Most Classes Had Strong Year
These dynamics played out most dominantly in Hard Red Winter (HRW) wheat, which realized a 57% increase in exports year-over-year to 210 million bushels (5.77 MMT). While a substantial improvement, exports have not yet fully recovered to pre-drought and pre-Black Sea conflict levels. Still, increased production of 770 million bushels (nearly 21 MMT) due to better growing conditions combined with narrowing price spreads with competing origins signals a path to regaining market share.
Exports of Hard Red Spring (HRS) wheat remained relatively stable for the marketing year, increasing 15 million bushels (408,000 MT) to 250 million bushels (6.7 MMT). Stiff competition from Canada, which had price spreads of up to $1 per bushel, weighed on export potential. Production also saw a slight increase to 503 million bushels (13.7 MMT) with record yields in some areas.
The 2024 Soft White (SW) wheat crop benefited from good moisture and moderate temperatures, resulting in typical protein distribution and generally above-average yields. Exports increased 18% year-over-year to 174 million bushels (4.74 MMT) with an additional sale of 1.0 7 MMT (39.3 million bushels) of mixed feed wheat to South Korea and Thailand. Total U.S. wheat exports to South Korea hit a record high of 88.2 million bushels (2.4 MMT) in 2024/25.
Exports of Soft Red Winter (SRW) were the second highest in the last 10 years, behind last marketing year, and total exports of nearly 121 million bushels (3.29 MMT) remained well above the five-year average. SRW proved to be one of the most competitively priced global origins, acting as the global price leader for nearly four months from March to June 2025. The 2024 SRW crop, though facing mid-season drought and heat, exhibited good milling characteristics and low sprout damage, making it a versatile crop for processors.
With continued strong global competition, durum exports dropped to their second-lowest level on record at 14.4 million bushels (391,000 MT). Durum buyers have good quality options in the bin, however, as both Northern Plains Durum and Desert Durum® production increased and yielded good quality with a protein average of 13.4 percent.
Supply and Prices a Big Factor
Throughout the 2024/25 marketing year, ample supply and competitive pricing dynamics showed the resilience of the U.S. wheat market, especially despite the volatility due to international conflicts, drought at home and other economic uncertainty over the last few years. While adequate world stocks continue to encourage hand-to-mouth buying patterns, the current global stocks-to-use ratio (as of the June WASDE report from USDA) remains at 32%, the lowest level since 2007/08, indicating a tighter underlying supply situation that offers demand potential in the new marketing year from reliable origins like the United States.
This chart from the June WASDE report shows ending stocks are higheryear-over-year, suggesting a looser balance sheet in 2025/26. Continue Reading
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Jamie Dimon tells Europe: ‘You’re losing’
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JPMorgan Chase chief executive Jamie Dimon warned European leaders they have a competitiveness problem and that they are currently “losing” the battle to rival the US and China.
“Europe has gone from 90 per cent US GDP to 65 per cent over 10 or 15 years. That’s not good,” Dimon said at an event in Dublin organised by the Irish foreign ministry. “You’re losing.”
The comments from Dimon, one of the most influential voices in global finance, underscores the challenges facing the EU as it battles to invigorate its economy.
Mario Draghi, the continent’s former top central banker, last year demanded a new industrial strategy for Europe with annual investment of €800bn to maintain competitiveness with the US and China.
“We’ve got this huge strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less,” Dimon said.
It is an even blunter message from Dimon than he made in his most recent annual shareholder meeting in April, where he said “Europe has some serious issues to fix”, and urged European nations to “significantly reform their economies so they can grow”.
Dimon, who has run JPMorgan since 2006, also warned that financial markets had become too relaxed about Donald Trump’s repeated threat of tariffs.
Investors on Thursday brushed off the US president’s latest threat of a 50 per cent tariff on copper, 200 per cent tariffs on the pharmaceutical sector and levies on countries including Japan and South Korea.
“Unfortunately, I think there is complacency in the market,” Dimon said.
He said Trump had so far been correct in backing down from his biggest threats on tariffs, invoking the so-called Taco trade based on the premise that “Trump always chickens out”.
“I hate to use the word ‘Taco trade” because I think he did the right thing to chicken out,” Dimon said.
Dimon saw trouble ahead for Trump if the economy struggled. “I think if the [US] economy weakens at all, he’s going to have a tough time.”
But he also blasted the opposition Democrats, saying: “What were they thinking in their wokeness?” He also called Zohran Mamdani — who won the Democratic primary for mayor of New York, where JPMorgan has its headquarters — a “Marxist”.
Dimon said worrying about whether Trump would seek a third term would be “premature”. US presidents are limited to two terms.
However, the JPMorgan boss said he thought the vice-president, JD Vance, would not agree to any deal in which he headlined the ticket alongside Trump: “He’ll say, ‘Hey buddy, get in the basement. You’ve had your day in the sun!’”
But Dimon said Trump may eventually prefer his son Eric as a candidate. Despite saying he harboured no political aspirations, Dimon said: “If he did [that], I might consider it too.”
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