The closure of the Chinese consulate in Houston, Texas over IP theft issues (along with suspected document destruction overnight at the facility) pressured soybeans in early trade. Corn benefited from unwinding of prior long soybeans/short corn spreads and additional export sales announcements supported soybeans on breaks. Wheat futures firmed and traded higher for nearly the entire day, erasing all of Monday’s losses. The USDA announced three separate large sales of soybeans in this morning’s newswire:
453,000 MT sold to China, with 66,000 MT for 2019/20 and the balance for 2020/21,
262,000 MT sold to China for 2020/21, and
211,300 MT sold to “unknown” destinations for 2020/21. ...
What You Need to Know Today: Attacks between the U.S. and Iran intensified overnight and the U.S. Central Command reported that the U.S. naval blockade against Iran will begin at 3:00 PM CDT Tuesday. President Trump said the Strait of Hormuz is open to all shipping traffic, except Iran. In an...
Beef packer margins improved to -$172/head last week, up $31 from the prior week as sharply lower fed cattle prices more than offset a seasonal decline in the Choice cutout. The cutout fell to $382/cwt while fed cattle prices dropped to $248/cwt, allowing packers to recover some of the margin c...
Key Takeaways: Aquaculture is becoming increasingly important in meeting global seafood demand, gaining market share as wild-caught fisheries face production limitations. Superior feed conversion efficiency gives aquaculture a competitive advantage over traditional livestock production, with l...
