The Market The May soybean contract experienced its lowest close of 2023 today. At 1476.5, it is now below the 100-day moving average. With a record number of speculative longs pouring into May soymeal futures, it was vulnerable to a pullback and that is what happened this week. It lost $19.90/ST. May soyoil held onto a net gain this week of .85 cents and is valued at 57.46/pound, but some believe it will climb further. There are always diverse viewpoints but it is particularly true this time of year.
The CFTC again delayed its usual Friday issuance of the Commitment of Traders report. However, noncommercial speculators remained net long in soybeans as of 7 March. Noncommercial net-longs in soymeal were record large, which likely...
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...
