There was some reprieve today, but the cumulative toll of noncommercial selling has left its mark on the market. Speculators reduced their net long positions in corn and soybeans while increasing their short positions in wheat. For the week, September SRW was down $1.54, July soybeans deducted almost a dollar and July corn shed 38 cents.
Farmers are said to kill their crop (be pessimistic about it) at least three times a season, and now speculators could be overconfident about the current crop based on temperatures easing but there is still a lack of moisture in the outlook for when corn and soybeans will need it. Recent years have shown that modern genetics allow plants to survive suboptimal conditions, but yields can still...
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...
