This morning USDA announced a 100 KMT soymeal sale to unknown and it highlights one of the few areas where U.S. market share in bulk commodities has been increasing, even if only slightly. U.S. soymeal exports have been rising (see graph below) and cumulative exports for the past 12 months are up 2.7 percent, year on year. This is somewhat surprising given Argentina’s historical use of the differential export tax, which incentivizes product exports like soymeal over soybean sales.
However, the reason for this growth has been flat to declining production of soybeans in Argentina. The U.S. and Brazil are growing more soybeans and exporting more meal as Argentina cedes market share. Argentina was expected to expand soybean production...
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...
