Sponsored by Carlyle Commodities

Egg producers found to have manipulated markets

An Illinois federal jury found that leading egg producers and leading trade groups illegally manipulated the market to boost the price of eggs.

Cal-Maine Foods Inc. and Rose Acre Farms Inc., along with two trade groups, conspired to limit the supply of eggs, causing major food companies, including General Mills Inc., Kraft Heinz Co., Kellogg Co., and Nestle SA, to likely overpay for eggs for several years. 

The jury, consisting of nine men and three women from the US District Court for the Northern District of Illinois, ruled in favor of the food companies, stating that the egg producers and trade groups must pay damages.

The trial, which is set to determine the amount of damages, is scheduled to begin on November 29 and is expected to last two days. According to the law, whatever damages awarded should be tripled, although the jury will not be informed of this statutory requirement. 

You can read more on the matter here.

What’s going on?

• Freeland Laughed At During Fall Economic Statement 2023 As Debt Servicing Costs Soar (theDeepDive)

• Music Publishers File Preliminary Injunction Against Anthropic, Seeking to Halt ‘Improper Use of Copyrighted Works’ (theDeepDive)

• Ottawa mulls removing 30% rule for pension fund investing (BNN)

• Charlie Kirk, Tim Pool Lead Crowdfunding For Musk, Boycott Call On Withdrawing X Advertisers (theDeepDive)

• Canada’s Biggest Bank Is Trying to Fix Its $10 Billion Headache (Bloomberg)

• Snoop Dogg Reveals What ‘Giving Up Smoke’ Was All About and It’s Not What Anyone Expected (theDeepDive)

• Federal government posts $8.2 billion deficit between April and September this year (BNN)

• Iowa Board of Regents Approves Controversial Rollback of DEI Initiatives (theDeepDive)

• Texas Attorney General Launches Fraud Probe into Media Matters as Elon Musk Files ‘Thermonuclear’ Lawsuit (theDeepDive)

• Nigeria Wants to Be Part of BRICS Bloc in Two Years, Join G-20 (Bloomberg)

• Paris Hilton’s media company suspends ads on X, one month after agreeing to touted partnership with the platform (CNN)

What’s the latest?

• Canada’s Debt Problem: Canada's federal government reported a budget deficit of $8.2 billion for the April to September period, with $3.9 billion of that occurring in September alone. This contrasts with a surplus of $1.7 billion during the same period last year. This change is largely attributed to an increase in public debt charges, driven by higher interest rates, and a rise in program expenses.

• Binance Outflows: Investors withdrew approximately $956 million from Binance, the world's largest crypto exchange, following news that its CEO, Changpeng Zhao, stepped down and pleaded guilty to violating U.S. anti-money laundering laws. This event comes as part of a settlement where Binance will pay $4.3 billion to U.S. authorities to resolve the investigation. Despite these outflows, Binance still holds over $65 billion in assets.

• Jobless Claims Fall: New claims for unemployment benefits dropped more than expected last week in the US, suggesting a gradual cooling of the labor market as higher interest rates dampen economic demand. Initial jobless claims fell to 209,000 for the week ending November 18, a significant decrease from the previous week's revised figure. Despite this decline, unemployment rolls remained near this year's high, partly due to difficulties adjusting the data for seasonal fluctuations.

• Neuralink Targeted: Four Democratic U.S. Representatives have requested the SEC investigate whether Elon Musk, CEO of Neuralink, committed securities fraud. The lawmakers' concern stems from allegations that Musk may have misled investors regarding the safety of a brain implant developed by Neuralink. The letter to the SEC, which cites veterinary records, claims that the implant led to serious health issues in test monkeys, including paralysis, seizures, and brain swelling, resulting in the euthanization of at least 12 monkeys.

• Oil Tumbles: Oil prices dropped by over 4% as OPEC+ unexpectedly postponed its meeting on production, originally scheduled for November 26, to November 30. This delay, which was not accompanied by an official explanation, sparked uncertainty about future crude production cuts. The postponement came amid reports of Saudi Arabia's dissatisfaction with output levels from other OPEC+ members.

Power Nickel's sustainable advantage

The stock market and stuff

• Trial To Be Set As California Guns To Revoke Tesla’s Manufacturer And Dealer Licenses (theDeepDive)

• Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe (Reuters)

• OpenAI Announces ‘New Initial Board’ of Directors (theDeepDive)

• Volkswagen becomes the latest automaker to hike wages for U.S. factory workers (Reuters)

In the juniors

• Cineplex Sells Off Amusement Solutions Division For $155 Million In Cash (theDeepDive)

• Ridgeline Minerals Completes 2,000 Meter Drill Program at Selena Project, Nevada (JMN)

• Patriot Battery Metals Claims New Discovery At CV9 Based On Preliminary Results (theDeepDive)

FULL DISCLOSURE: Carlyle Commodities is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Carlyle Commodities. The author has been compensated to cover Carlyle Commodities on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.