Rebalancing from last Friday’s USDA Acreage report appears to now be complete as corn and soybeans traded places and wheat flounders sideways. On the bearish side, U.S. prices continue to sit on the global high side, stifling the export trade. Still bullish is suboptimal moisture levels in key production areas. Overall, the situation should now shift to something less volatile.
That is assuming the improved trend in weather holds up. Today’s Drought Monitor report showed the improved moisture conditions in Illinois and Indiana, but worsening soil moisture deficits in Missouri, Minnesota, and Wisconsin.
There is a series of ridges bringing cooler air down from Canada and stimulating rainfall that mostly benefits south...
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...
