GOOD MORNING, Turn-around Tuesday is here on cue, with yesterday's break finding good pricing and buying interest. Good bull markets typically have hard breaks, and there was not much news around to explain the hard downside yesterday except that the markets were too heavy and overbought, allowing harvest pressure to finally take a toll on price. Some of those overbought extremes are alleviated with the break. EU corn and wheat markets are higher this AM, supportive for US markets this AM. Wheat: On the bear side are comfortable world supplies. On the bull side, Black Sea weather is still an ongoing situation that threatens 2021 supplies. Weather forecasters continue to see warm...
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...
From WPI Consulting
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