Today was more like what is expected just before a major holiday. Trading volume was generally lower for everything but the live cattle contract. February Live Cattle lost 40-cents but there were gains in the deferred contract. Most markets closed lower today but small gains were made in HRW, feeder cattle and lean hogs.
Priming the lean hog market were robust export sales last week. Overall, USDA’s weekly Export Sales report was bearish. After roaring sales the week before, newly reported soybean commitments were lackluster and below expectations. Similarly, corn sales were underwhelming. Soyoil sales were modest but notably were the best that have been seen in five weeks.
Overall, the market continues to trade sidewa...
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...