Today’s market opened generally tracking the higher close in the overnight session. It was bolstered by more cuts in expected Argentina production. But then USDA’s Export Sales report indicated marketing year record low soybeans sales last week and there was an about face that turned into heavy selling. On mostly higher volume, there was some notable incongruities in some of the contracts:
There was a new contract high in the April feeder cattle contract, but then it closed with a loss. Corn export sales last week hit over 1 MMT for the first time in a month, and it was rewarded with the fourth straight day of losses including today’s being the steepest selloff. Wednesday’s USDA WASDE report was not bearis...
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...
