In one of the more bizarre trading sessions of late, new contract highs were scored in corn, soybeans, soymeal, cattle, and hogs, and yet only soyoil ended the day higher. The trading range in March soybeans alone was a very wide 67.5 cents, or roughly 4 percent of the contract value. As one market analyst put it, this “rally is crazy.” It was as if traders were trying to figure out which new fundamental input to follow. The session opened with follow-on buying from yesterday and the overnight session. The USDA Export Sales report was a bit bearish, though not scarily so. Wheat sales remain sluggish, corn and soybean sales were unimpressive but not too far off expectations.
The seemingly more bullish news was B...
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...
