Were today’s lower closes in corn and soybeans the market signal of a loss of confidence? Probably not. Volume was down across the board and everything remained within their ranges. Here is some of the group think:
Harvest pressure Profit-taking Stronger dollar Lack of weather premium Pullback or correction to being over-bought Etc.
There was no breaking of new bottoms just lots of straddling around what appears to be some generally agreed pricing. Prices had hit notable highs and a pause is needed. It takes something significant to have a breakout, and there is nothing significant, at least not yet. But there could be. Weather remains a possible breakout. On the bullish end of the spectrum, it remains too dry in the south...
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...