Volatility remains the best descriptor for the futures market as today saw a mixed opening, some see-sawing up and down, and finally a mixed closing. The causes are many, with uncertainty certainly being a key one. Other factors weaving their way into the market mentality include:
First notice day and the changeover in the nearby contracts.
The fall in open interest.
Volume is down.
The impending change over from old crop to new crop supplies.
The unknowns about a new crop just now being sown.
Pricing too high for export markets and possible imports, and yet ongoing exports.
Etc.
The CME itself has had to address some of this with higher maintenance margins and position limits. The changeover has made...
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...
