WASDE Surprise Oops, they did it again! The trade thought USDA would cut the soybean yield and instead the August WASDE increased it from July’s 51.5 bushels/acre to 51.9 bushels/acre. Reuter’s reporter Karen Braun says this is par for the course. The August WASDE often ends up having surprising numbers because the pre-report poll of analysts has missed the mark for the past 9-years. Though she notes that the outside analysts get the last laugh since they have been closer than USDA to the final season numbers more than half the time.
Pre-report, futures were trading soybeans up by 8-12 cents, meal by $7.50 to $8.50, and soyoil by 15-25 points. Post the report, beans were down more than a quarter, meal -$4.50 and soyoil...
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...