The Sunday night session traded slightly higher until prices turned lower early this morning, led by wheat. Markets then opened the day session lower and turned weaker, probably for the following reasons:
Rains will be heavy across much of the Corn Belt over the next three to four days, but the six-10 and eight-14 day weather forecasts (see below) have finally turned much drier. That will eventually allow harvest progress to resume following two weeks of very wet weather.
Everyone expects Thursday’s USDA reports will be bearish. There was a story early this morning from Russia that it will sell at least 1.5 MMT of the 3 MMT available from its grain reserves.
U.S. commodity and equity markets were open today. However, USD...
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...
