THE OPEN May beans: 6 1/2 higher May soyoil: 81 higher May meal; .40 lower May corn: 3 3/4 higher May wheat: 6 1/2 higher The markets opened as called with more technical buying sending corn prices to new contract highs for the December contract, while oilshare jumped on traders buying soyoil/sell meal. Beans followed the path of higher soyoil values amidst technical chart-based buying activity. China's statement that commodity prices are too high, thus asking lenders to curtail activity, created a profit-taking run yesterday, perfect for turn-around Tuesday today. The Goldman Roll continues through tomorrow, with open interest increasing in July contracts vs. May. SOY
The soy comple...
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...
