The Market The soy complex spent most of the week shedding value. July soymeal fell 2.89 percent, July soybeans lost 1.2 percent, and July soyoil gave up 0.37 percent. Prices must fall more. Brazilian soybean prices are low enough that U.S. importers purchased two cargoes (33,000 MT and 46,150 MT) with shipment in late April. Brazil soybeans are priced at around $2/bushel less than U.S. soybeans, which easily covers the cost of shipping. More purchases are expected though the total volume may not be huge.
Notably, speculators raised their net long position last week by 9 percent to 111,256 contracts. Export Sales Soybean sales continue dropping, down 73 percent last week, as Brazil owns the market. Meal and oil shipments a...
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...
