Wheat The grain exchanges issued new estimates for new crop wheat production with the Buenos Aires Grain Exchange more optimistic at 12.4 MMT, and the Rosario Grain Exchange down at 11.8 MMT. In general, the market appears to be trading based on a 12 MMT crop, with some bears much lower than that. Wheat exports will be 7 MMT, versus 14.5 MMT last year. The rains of the last few days have had no effect on most of the wheat area since it is late, but it could give a final push to the wheat south and southwest of Buenos Aires, and that growing east of the Pampas. However, this will not be enough to change total production estimates. This wheat crop looks dwarf, with little cover (vegetative growth) and the ear is affected.
The local...
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...
