WASDE Meets Expectations Today’s release of the April USDA WASDE was not as interesting as last week’s Prospective Plantings report but that is mostly because it met expectations. They raised soybean utilization and reduced carryover. The market reacted by adding 43.5 cents to the May contract, which means this week’s gains almost erase last week’s losses. More importantly, it puts the market back on track for breaking resistance at $17/bushel. Where analysts had hoped for more but knew it would not be coming is some recognition of the war’s impact. USDA raised Russia’s wheat exports by 1 MMT, and lowered Ukraine’s by 1 MMT.
Export Sales Drop This week’s drop in USDA reported export...
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...
