The Market The market has been squeezed between lower export demand but rising palm oil prices, with the latter pushing soybean prices to the highest in over a month. Rapeseed futures have risen to a four-month high. Canola added 0.5 percent this week and Dalian soybeans added 2 percent. However, as palm oil began sliding late this week the soy complex went down with it. After challenging resistance on Thursday, May and November soybeans fell back on Friday. The May contract ended the week down 0.25 percent at 1195.25/bushel. May soyoil took the biggest hit, losing 2.95 percent and ending the week at 47.96/pound. By contrast, soymeal remains in the catbirds seat with the My contract adding 1.4 percent to end at 339.4/ST.
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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...
