It might have been a day of big surprises given the number of new crop estimates being issued around the world. Governments in China, Brazil, Canada, and the U.S. all issued new forecasts, but the overall changes were relatively small. The result was a mixed day in U.S. futures markets. Volume was up, and new contract lows were established for March corn and soymeal, and Euronext wheat.
China’s new report is hardly worth mentioning. StatsCan made some adjustments to stocks. The CONAB changes in production estimates are notable (see below), but USDA’s WASDE numbers for domestic supplies were market movers. Increased wheat carryover in the U.S. and EU was more than offset by reductions elsewhere causing overall world whe...
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...
