The December WASDE is typically a non-event and today’s report was no different. Typically, there are few changes to be made to the U.S. balance sheets and, even with this year’s extreme weather/harvest delays, USDA is more likely to adjust harvest acres/yields in the January WASDE. Similarly, it is too early to make major adjustments to the South American crop forecasts, so the status quo rules the December WASDE. USDA made no changes to the 2019/20 U.S. corn and soybean balance sheets and made only minor adjustments to the wheat outlook. The table below shows the agency’s expectations for ending stocks and ending stocks to use figures, which reflects a modest tightening in wheat stocks.
The biggest change...
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...
