Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its April WASDE report. For 80 percent of the datapoints surveyed by Reuters, the trade expects USDA to give them more bullish numbers (see table below). The lesson from last week’s USDA Planting Intentions report and many of the past several WASDE’s should be to expect the unexpected, or by now to expect the opposite.
Regardless of what USDA reports, the fundamentals are bullish. Weather is imperfect, demand is strong, and global commodity values are rising. Values are such that South Africa is getting into soybean production, reportedly boosting output by 40 percent this...
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...
