The recent rally in soybean prices versus the possible record shorts in corn could encourage late planted acres previously planned for maize to switch over to the oilseed. Notably, 60 percent of the time over the past 15 years, soybean acres counted on 30 June exceeded the surveyed number in the March Prospective Plantings report. Soybean futures are rising now but on an indexed basis they are still the lowest in at least four years.
This gets reflected in cash prices, which are barely above five-year lows.
Basis normally narrows this time of year as stocks tighten ahead of new crop harvesting. U.S. soybean carryover will shrink sharply for the second year in a row and will be the lowest since 2016/17. This tightening in stocks is re...
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...
