Not totally that bad if you were betting short, or like livestock. But let’s count the ways:
New contract low in corn New contract low in soybean meal New contract low in HRW New contract low in HRS New contract low in Paris wheat
What caused all of these exits? First and foremost was USDA’s forecast at its annual Outlook Conference. Basically, historically large carryover stocks for corn, wheat, and soybeans. The expected planted acres were not too surprising:
Corn: 91 million acres, down 3.8 percent Soybeans: 87.5 million acres, up 4.7 percent Wheat: 47 million acres, down 5.2 percent
There is some caution in that the corn-soybean ratio is small enough that farmers wanting to stay in their normal rotation m...
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...
