The Market The soy complex has had a bullish week thus far, moving higher on a weather premium added for Brazil, and news that China, the largest importer of soybeans, will significantly boost economic stimulus. Short-covering had been rampant until today’s selloff. News that Saudi Arabia will keep production ramped up helped tank petroleum, and it took the soy complex down with it. The RSI had risen to over 60 and was signaling time for a correction. For the week thus far, November soybeans are up 34.5 cents (3.4 percent).
December soymeal is up $2.30 (2.3 percent).
December soyoil had climbed eight straight sessions until faltering today. As with beans, the RIS had risen to over 60 with all the recent bull action. For t...
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...
