Murphy’s Law (i.e., anything that can go wrong will go wrong) has been in full force for corn farmers this year. Floods, cold weather and high soil moisture all delayed plantings. While the final prevented planting acreage total won’t be released by the Risk Management Agency (RMA) until this fall, the current aggregate to date is now reported to be 7-8 million acres of corn and 2-3 million acres of soybeans.
Delayed plantings will extend the growing season, subjecting the crop to the threat of early frost. Moreover, this year’s harvest is likely to be staggered. Wet fields that were planted even later than average will push that harvest even later. The most recent development to hit this year’s crop is the heat...
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...
