On low to average volume, the trading range has tightened. While corn and wheat have been ascendant, today it was corn and soybeans settling higher and wheat was down.
Continuing to hang over the market, and especially animal proteins, has been bank failures and Fed tightening. Wall Street got a boost of confidence today on a bailout orchestrated by the largest U.S. banks. Proving that they are all in this together, they deposited $30 billion into the shaky mid-major First Republic Bank. A bank that should never have gotten into trouble considering its portfolio is low-risk, high net-worth investors. The Dow was up over a percent, the S&P gained 1.76 percent and Nasdaq gained 2.48 percent. Though all the indices remain down on...
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...
