General Comments: Corn, soybean and wheat markets were steady to just fractionally higher overnight in light volume. They then opened slightly higher today, but selling started to increase as the morning wore on with all three markets trading lower by the close. Soybeans were the weakest on some fund selling, and corn and wheat followed. Much of the selling can probably be attributed to a warmer, drier weather forecast across almost the entire Corn Belt. Corn and soybean harvest progress should really accelerate this week (the six-10-day temperature and precipitation maps are below).
U.S. equity markets were firm today and again in record territory. Crude oil was higher, and the U.S. dollar was slightly higher.
Corn...
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...
