There was red across the board today, except in red meat where there was green. Lots of variables this time of year but especially weather help to unhinge some of the speculative interest. The focus seemed to be more on rain hitting the U.S. production area and especially HRW, as opposed to a return to colder temperatures that might slow some planting. It has been two days of trading lower, and that sentiment may not be done for the week.
First up for setting the bearish mood was USDA’s Export Sales report for last week. MY 2022/23 corn export sales need to be cranking right now but they came in low and instead it was sales for MY 2023/24 that came in above expectations. Soybean sales continue dropping as Brazil owns the market and...
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...
