After several days of adding war premiums and one day before a USDA WASDE report, the market was mostly uneventful today. Volume was up in corn, soybeans and HRW, but only when viewed against an overall slower week. Corn, wheat, and soybeans all three dipped yesterday after several days of upward momentum and while soybeans recovered momentum today and corn followed, wheat continued to shed value.
Soybeans were bolstered by a CONAB report that dropped Brazilian output another 3 MMT. The agency added a little over 3 MMT to its estimate for Brazil’s corn crop, with most of the increase for the safrinha crop that has not yet been harvested.
The institutional roll forward for contracts from May into July has begun but the fund...
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...
