The Market After November soybeans hit a new year high of 1428/bushel, they slid this week by 19.25 cents to 1382.5/bushel. With 20 percent of U.S. soybean area in a categorically serious drought and supplies deemed tight in 2023/24, buyers may have sensed some desperation. They bought 1.7 MMT of new MY U.S. soybeans this week despite Brazil shoveling them out readily. Meal and oil also fell back this week despite recent higher gains.
Regardless of the near-term market vacillations, what is certain is the long-term bull market for oilseeds. One forecast indicates an expected CAGR of 8.2 percent through 2030. Brazil assumes it will be a prime beneficiary of the trend. The Agriculture Ministry’s Projections of Agribusiness, Br...
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...
