Yesterday’s record corn yield estimate really sealed the fate of the corn market for at least several months. Some significant crop problems in Brazil or Argentina will be needed to create any bullish enthusiasm. U.S. ending supplies are significant at almost 2.5 billion bushels. It would seem likely that funds will extend their record short position in corn futures and also plausible that additional weakness in corn will encourage them to sell more wheat. The soybean numbers weren’t bullish. In fact, it could be argued that since most thought the soybean yield would be reduced slightly, the fact it was left unchanged is also bearish. What happens next? Following are some thoughts:
Corn farmers should sell the carry into next...
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...
