After a mostly dreary week, grains and soybeans managed a modest turnaround today. Not a complete turnaround as there were still net losses for the week but they were left shallower. The big driver was the falling dollar and perceptions that the economy is moderating. For the week, December corn is down 23 cents, December SRW is 34 cents lower, and January soybeans lost 12.25 cents.
The CFTC’s Commitment of Traders report is delayed until Monday due to today’s Veterans Day holiday. However, it is expected to show funds getting out of corn due to the constant drumbeat of low exports. There is no early word from a meeting today between the UN, Russia, and Turkey on whether to extend the Black Sea grain corridor for Ukraine p...
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...