South American weather improvement hung over the market all week, and though December's WASDE report reflected a dent imposed on Brazil's soybean crop by drought, USDA still sees more Brazilian soybeans than does its Brazilian counterpart. However, it was not taking down global soybean stocks as much as expected that solidified this week as a loss. January soybeans lost 21 cents, January meal gave up $8, and January soyoil dropped 1.25 cents.
Malaysian palm oil futures closed higher today, snapping a five-session losing streak as other vegetable oils saw some gains. Palm oil prices are at their lowest in a month. USDA’s weekly Export Sales report showed continued large commitments to take soybeans.
USDA’s soybean ex...
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...
