One of the big questions that has not yet been answered during this year’s corn and soybean harvest is how and where farmers will store these record crops. That is particularly interesting across the northern Plains, the Dakotas and western Minnesota. The soybean market is forcing farmers to hold soybeans and move whatever other crops they have, mainly wheat and corn, to make room for them. Among the factors contributing to the problem are the following:
Approximately 75 percent of the soybean exports from the Pacific Northwest (PNW) have historically been shipped to China. China is about the only soybean export outlet for northern Plains soybeans. The trade dispute with China has closed that export market for now, leaving...
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...
