SRW managed a second day higher, and soybeans continued their rally over $13/bushel, but corn prices still dragged lower. Meanwhile, the livestock market was buoyed by rising outside markets and confidence in the economy.
USDA’s weekly Exports Sales report did little for the market. Commitments last week were at the lower end of market expectations with wheat and soymeal both huge disappointments.
Weather concerns remain modest as a ridge to the west and a trough in the east will push disturbances across the U.S. Midwest. Rains remain sporadic and below normal in central Brazil, which is particularly hard on the soybean crop. Moreover, dryness looks to be returning. Any replanting will have a domino effect as it...
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...
