NOTE: There will be no Technical Perspectives reports on 2 July. GOOD MORNING, Funds entered the June Quarterly Stocks/Acreage report with a record short corn position, short elsewhere, and long beans. The report was bullish acreage and bearish to neutral stocks. However, the overriding factor is that the market has to digest the data delivered and it is focusing on acreage for the moment. Trading ranges are being adjusted slightly higher for corn, beans, and meal. Funds purchased 30K corn contracts yesterday, (20K the day before), which probably leaves them still short 270K. Cash markets were slightly lower as farmers took advantage of the price improvement to get something hedged. Report Recap:
2020 p...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
