Global weather continued to spur fund buying in corn and wheat while soybeans were pulled lower by uncertainty on the trade outlook. The U.S. and China are, of course, meeting this week to discuss the future of trade between the two countries. One must wonder how much progress can be expected given President Trump’s bombastic approach and recent reports that China is annoying U.S. fighter pilots with lasers. The Export Sales report was bearish wheat (again) and neutral/bullish corn and soybeans. For the latter commodities, export sales and shipments were above levels needed this week but the large YTD decreases in shipments keeps the report’s interpretation as neutral.
Outside the walls of CME/CBOT trading, U.S...
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...
