Stats Canada released their production estimates today which were considered slightly bullish. All of the estimates came in well below the average trade guess and in some cases, like durum, the number was significantly lower than expected. Much of western Canada experienced a hot and dry summer that adversely affected crop production to a greater degree than expected. Here are the numbers:
The all-wheat production number is 3.5 MMT below the USDA’s August estimate. It will further pressure on declining world wheat supplies, despite the USDA’s slowness to reduce their estimate of world wheat production. USDA’s production estimates for Russia, the EU, Australia, and China are well above those of most analytical groups or...
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...
