The Market Soymeal continues to be the drag on the market but even soyoil did not help much this week. Soybean prices were down about 12 cents for this week, with meal losing $13 and soyoil off a fraction. But soybean prices are up nearly 5 percent over the past month and that is the larger trend. The latest drivers, a weakening dollar and China going soft on Covid controls should provide a more supportive environment. Soybean prices in China are still nearly a third higher than in Chicago.
Of course, ever present is the war trimming edible oil supply, and renewable diesel gobbling up whatever is available. The renewable diesel demand creates a situation where the premium for soyoil is now 30 percent over rape/canola...
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...
