The market opened the day mixed as called and with some profit-taking; it ended the day mostly lower but with some interesting twists and turns.
Volume: Volume was relatively low except for the Euronext wheat contract and feeder cattle.
Red Hogs: There were higher bids for most contracts, but lean hogs never saw green once during the session.
Shiners: Corn and soymeal not only ended in the green but saw gains in both the nearby and more distant contracts.
Reversal: The market finally realized it had over-bought wheat and gave it a beating.
Despite the UN FAO’s concerns about current panic buying leading to higher food inflation, the spread between nearby contracts and those more...
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...