Volume was light except in soymeal, Feeders and lean hogs. USDA’s final quarterly stocks report for MY 2023/24 arrives Monday and it has surprised to the bullish side for the past four out of five years. So the goal was to get out of short positions. On the week, soymeal exploded on huge export sales while lean hogs were the only loser.
Weather is helping promote the mostly sideways movement. Recent heavy rains in the U.S. Midwest followed by more moisture from Hurricane Helene will clear out and return to dry conditions for resumed harvesting. However, winter wheat is missing out on the rainfall. Meanwhile, Western Europe remains too wet, the Black Sea and Brazil too dry, but Australia is getting some needed rainfall. The 1...
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...
