The Market The oilseeds market remains bearish as South American crops progress more favorably and Chicago futures face a large American crop that is over-priced. There was a bounce-back on Friday after soybeans were oversold based on USDA’s Thursday Outlook report (see below); palm oil fell 2 percent and dragged other vegetable oils along for the fall, and the March soymeal contract hit a new contract low this week of 339/ST.
USDA’s annual Outlook Conference revealed some tweaks to the agency’s view of the upcoming crop season. Some of the standout changes include an increase in beginning stocks, higher production, a huge jump in carryover and thus stocks-to-use, and the requisite drop in prices. While USDA fore...
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...
