Overnight trading saw corn and soybeans firmer on continuation of yesterday’s post-WASDE rally, while bulls were firmly in control during the day session. The trade is increasingly suspicious of USDA’s numbers and the use of satellite imagery, and other data is starting to overrule official estimates. The biggest present risk to the U.S. corn and soybean balance sheets is acreage, which most are betting will be well below the July WASDE estimates. Vegetation greenness maps show less crop development than normal for this time of year, but whether this is due to delayed crop growth or fallow land remains to be seen. Funds, apparently, believe there is more unplanted land than USDA’s figures suggest.
A former colleague of...
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...
