THE OPEN Jan beans: 19 1/2 lower Dec meal: 10.60 lower Dec soyoil: 79 lower Dec corn: 12 lower Dec wheat: 12 3/4 lower The markets started a much-needed correction to the downside on a macro risk-off day of selling pressure, which also brought about a higher US dollar. Charts were a bit more on the negative side with small reversal patterns showing which prompted long liquidation, and the start of correcting extremely overbought conditions. The mission of the market now is to define an appropriate trading ranges from the top. SOY
The soy complex traded lower on the day as technical profit-taking took place in order to correct extreme overbought conditions. End-users helpe...
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...
