The Market Tuesday was a rough day in the market and while the May soyoil contract lost a fraction on the week, both May soybeans and soymeal logged another week of gains. While Chicago soyoil sank, canola and palm oil had gains for the week.
The average soybean price in February was high enough to guarantee a crop insurance rate for the 2023/24 crop at 13.76/bushel, the second highest level in 12 years. Last year’s insured price floor was slightly higher at $14.33/bushel. Recall that the CFTC is slowly getting its Commitment of Traders report back going. The agency’s previous update had speculators raising their net-long position in soybeans by 29 percent to 135,314 contracts as of 31 January. Trade estimates i...
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...
