The Market The soy complex followed last week’s modest gains with a larger move upward thus far this week. The funds are still near a record short but with the RSI now over 40, they are no doubt covering some of their short positions. The competitive pricing and today’s Export Sales report proving it with a gigantic 2.6 MMT in sales last week is very supportive.
Soymeal is less of a story but last week’s export sales of 429 KMT was the largest in over a month.
December soyoil leads the pack with the close today up 4.3 percent thus far this week. The October contract closed above the 20-day MA and an intra-session high was the closest to the 50-day MA in a month. Part of the push is U.S. soyoil now being...
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...