GOOD MORNING, Prices are firmer this morning after the release of crop ratings and the first results of the Pro Farmer crop tour. Despite recent rain events and better weather developments, corn and bean ratings dropped, as the average corn yields from the Pro Farmer crop tour fall below USDA estimates. Funds were sellers yesterday of around 11,000 corn contracts, but seem to be buying them back this morning. REPORTS Crop Progress Report:
Corn: 56% good/excellent, down 1%. Dough stage: 55% vs. 83% yr ago and 76% average, 21% behind the average levels. Dented: 15% vs. 41% yr ago and 30% average. Silking: 95% vs. 100% yr ago. The only states that showed improvement were Colorad...
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...