In the last full trading day before the August WASDE is released, traders reaffirmed their belief that USDA will be marking yields lower on adverse weather impacts. The expected declines are modest: corn down 1.2 percent to 173.6 bushels/acre, soybeans lower by 0.9 percent to 51 bushels/acre, and spring wheat slightly higher but with drought induced reductions in the Northern Plains and PNW. There are of course guesses that the reductions will be larger, which would yield a bullish session tomorrow. The trade has spent the past several sessions overall working the market higher, and today continued that direction except for feeder cattle.
Today’s USDA Export Sales report showed solid wheat numbers, impressive meal sales, and...
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...
