The CBOT was mostly higher to end the week with wheat leading the way once again. Corn futures settled cautiously higher with ample position evening with the August WASDE coming up next week. Soybeans and soyoil were higher on rumors of Chinese buying and rising Brazilian export prices. A weekend weather forecast that includes rains for the Midwest capped rallies, however, with the wetter, cooler near-term weather pattern likely to aid soybean yield potential. The index fund roll is underway, which is pressuring September/December futures spreads as fund managers roll out of September positions into December futures. Any spread weakness should be limited and short-lived, however, given China’s likelihood of rapidly increasing i...
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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...