The Market Soybeans were already holding up well this week after hitting a five-month low at the end of last week and then today’s USDA reports hit the market. The market was surprised in two different ways to the upside: 1) farmers said they will plant the number of soybean acres USDA predicted weeks ago, and not increase the area as expected; and 2) there are fewer soybeans in stocks than expected, and 13 percent less than the same time a year ago. May soybeans shot upward by 31 cents and clinched a 77.25 cent gain for the week. It was also an enriching week for soymeal and soyoil.
Soybeans are not making the climb alone. After hitting a trough on 22 March at $720/MT, canola rebounded by about 7 percent this week and palm...
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...
