Improving corn conditions and presidential tweets noting that China has not purchased any agricultural goods sent the markets lower overnight. The tweets suggested there has been little progress negotiating a trade deal, and traders are worried the president may be getting ready to apply more tariffs on Chinese goods. The soybean market desperately needs a trade agreement to spark some bullish sentiment, and today’s social media revelations were hardly encouraging. The day session saw continued selling at the open after yesterday’s poor close and technical weakness overnight. Even though soybeans did not move higher on earlier rumors of Chinese purchases/trade war progress, the negative news today certainly drove the market low...
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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...