Most markets opened higher but very shortly thereafter most collapsed and by the end of the session, only lean hogs eked out a net gain. The flip was influenced by both fundamentals as well as macro market factors. At the fundamental level, there was the selling of positions deemed overly long considering the prospects for slight increases in supply in next week’s November WASDE running headlong into underwhelming exports. The result was a second day of losses for some commodities and a week of trading that has pushed down the value of soybeans by nearly 24 cents.
There was an emphasis on the weak export situation when the USDA Export Sales report was issued this morning. Corn and soymeal exports were within expectations, bu...
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...
