Agricultural commodity markets remained weak overall, and equities had a down day too. Wheat had some gains, but much of the complexes went south. Expectations for U.S. export sales were low, and the report mostly did not disappoint. However, wheat export sales were much better than expected as well as a surprise considering there are lower-priced options out of the Black Sea.
There was a reported private Chinese purchase of a cargo of soybeans plus some possible state-owned corporate purchases, but those did not rally the market. While China will buy more U.S. soybeans, its overall demand is down due to African swine fever (ASF). Significant purchases will be needed to move this market. The weather situation has flipped transatlantic e...
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...
