The market open is very telltale about the trade’s beliefs. It can open hard and fast in one direction or another, or it can move in small increments back and forth, reflecting less certainty about the direction. The latter was the case this morning involving corn and soybeans. By contrast, there was certainty that soyoil and wheat were headed lower. By noon, everything was in the red. By the close, only lean hogs made it into the green. This was the third session in a row in which corn, soybeans, and soyoil all closed lower. Second day lower for wheat and cattle; first day this week with a higher close for hogs.
The U.S. Department of Energy’s Weekly Petroleum Status Report showed that during the week ending 24 May, U...
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...
