This trading week marked a series of reversals, and the latest trend continued for the most part today. It was generally pre-holiday lower volume for corn, wheat, and lean hogs but there was outsized volume trading in soybeans. Some notable stats from today and the trading week include:
Today’s closes above the 20-day moving average included: corn, soybeans, soymeal, soyoil, SRW, HRW, HRS, cattle and hogs. It was the first close above the 20 MA for corn in five weeks.
The October lean hog contract was the biggest market gainer last week, and while wheat took over the top spot this week, hogs have been on a steady rise since 8 August.
In terms of the number of trading sessions in a row with higher closes, the ho...
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...