The Market Although May soybeans ended a bearish week with a 15.25 cent gain, it could not erase the damage done. In total, the contract lost 48.25 cents for a close at 1428.25/bushel, the lowest weekly close in five months. It doesn’t help that China’s soybean prices are collapsing, falling to the equivalent of $15.90/bushel. China’s market is being pushed lower by impending Brazilian imports against a fear of more ASF in the hog herd. For the week, May soymeal lost $20.60 (-4.5 percent) and May soyoil gave up 4.32 cents (-7.2 percent).
There is tremendous pressure on the soybean market from Brazil’s huge harvest and heavy fund liquidation. Add to that the ongoing banking crisis, inflation, and geopolitical risk...
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...
