The Market For the week, the July soybean contract fell 1.6 percent in value and is trading at 1160.5/bushel, its lowest level in three years. November soybeans ended the week at 1120/bushel, a loss of 2.5 percent. July soymeal is now at 361.8/ST, down 0.7 percent on the week. Soymeal remains the only component of the grain and oilseeds futures market that is trading above the 100-day average and is supported by speculators being net long. Soyoil gained 0.59 percent this week and is valued at 43.94/pound. Crush margins are still very positive.
There are three overhanging bearish factors for the soybean market: 1) Brazil’s soybean price dropped, indicating flooding is less of a concern. 2) A chance of rain in the extended for...
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...
