Record world soybean supplies, the apparent extended shipping of South American soybeans and pretty good U.S. weather have broken the soybean futures market sharply in the last 10 days.
Record world soybean supplies, the apparent extended shipping of South American soybeans and pretty good U.S. weather have broken the soybean futures market sharply in the last 10 days. That weakness, however, has yet to break the old crop/new crop soybean spread. In fact, the August/November spread pushed back to close at new highs this week. Domestic U.S. soybean basis is getting stronger, and there were no soybean or soymeal deliveries against the August contract today. Additionally, the pace of U.S. new crop soybean export sales has made a noticeable...
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...
