“Where did those acres go?” That’s the question analysts around the world are asking in the wake of toady’s USDA reports. The reports, which were expected to show a modest decrease in corn acres and an increase in soybean plantings, instead showed decreases in both crops. The March plantings report estimated 88.026 million acres would be planted with corn this year, and 88.982 million to soybeans. This marks the first time since 1984 that soybean area has exceeded corn.
The corn acreage number was on the low end of pre-report estimates while the soybean acre number was below the bottom end of the pre-report range. In fact, one of this analysts’ models forecasted soybean acreage of 88.85 million acres,...
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...
