The trading day started with a notable lack of deliveries against March corn and Chicago wheat futures, while the soy complex received a moderate number of deliveries. Deliveries in soymeal and soyoil helped take off some of the pressure from bull spreading, while strong basis and no deliveries for corn and wheat created the opposite effect. A weaker U.S dollar and the Federal Reserve’s announcement that it would cut interest rates by 50 basis points helped support CBOT values after the open. The rate-cut helped weaken the U.S. dollar and further support commodity values, especially wheat. Short covering was another feature of the day and CBOT markets were mostly higher by the day’s close.
The coronavirus situation cont...
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...
