GOOD MORNING, Prices are lower on net fund short positions, non-threatening weather, and improved crop progress report. Funds seem to be building a new net short in corn as prices trend lower. September contract liquidation is offering up more resistance as we head into first notice day on Friday. Crop progress conditions improved more than expected and were bearish:
Corn: 57 percent good/excellent, up 1 percent from week ago and vs. 68 percent year ago. The most improved award went to the state of Illinois, with ratings improving 7 percent from 49 percent good/excellent. Dented: 27 percent, 32 percent behind last year and 19 percent behind average. Dough stage: 71 percent and...
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...
