After four days of trading this week and thousands of contracts trading hands, as of today’s close, corn is down 0.292 percent, soybeans are down 0.949 percent, and wheat has lost 1.4 percent. And it could all zero out by tomorrow’s close. With little new to factor in, markets are trading sideways with the more ambitious capturing an occasional bit of minor profit-taking. The known knowns readily outnumber the unknown knowns.
Notably mixed was today’s USDA Export Sales report. Wheat sales beat expectations but not much else did.
There are some variables that are coming to a head. UN aid chief Martin Griffiths is “relatively optimistic” that the Black Sea grain corridor agreement will be extended...
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...
