USDA surprised the markets with planted acreage forecasts that were well below pre-report expectations. USDA pegged 2021 corn acres at just 91.1 million, up fractionally from the prior year while soybean acres were pegged at 87.6 million, up 5.4 percent. Both figures were well below the low end of pre-report estimates, giving the report an undebatable bullish implication. Another surprise was slightly larger than expected wheat acres (especially winter wheat) while sorghum acres were well below expectations. Indeed, WPI’s models have been consistently predicting 7.5-7.7 million acres of sorghum, which now looks to be too optimistic.
The “other” report of the day, USDA’s Grain Stocks report, was mostly...
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...
