Wheat and soyoil managed some green today, but corn, beans and meal saw red. Not the whole session, but most of it. Volume could be called modest to low in corn and soy complex as the trade appears to have found its positions ahead of Friday’s key USDA reports. July corn and August lean hogs found new contract lows. But hogs managed to bounce back and close higher. Technical traders all point to heavily oversold conditions, but it’s the fundamentals giving the destination and technicals choosing the route. Assuming the fundamentals are correctly understood. There is understandable weather skepticism. Every year the bears drag out disaster stories. This year’s version includes:
Black Sea frost followed by...
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...
