It was mostly a turnaround day as risk is priced in as much as desired and there were some bearish indicators:
South America is getting moisture and has become competitive. Ukraine may still produce some grain. HRW got some needed rains. Export sales were generally underwhelming.
This does not mean that the run-up in prices is over. Food is still a hot investment given tight global stocks, high priced fertilizer, and the chance of lower production. Deferred contract prices are lower but less so for wheat and corn than for soybeans. By contrast, deferred values in the livestock complex are higher as meat looks to become more precious. Over the past five trading sessions, soybeans remain higher, but corn and wheat have both sh...
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...
