THE OPEN:
November beans: 6 1/4 higher December meal: 4.20 higher December soyoil: 3 lower December corn: 7 higher September wheat: 3 1/4 higher
The markets opened as called with further short-covering activity. Technically, the markets continued to trend upward into new trading range highs. Oilshare values were weaker as meal gained on soyoil and corn gained on wheat. Beans were supported the most as funds are long and continue to build a long position against a large fund corn short. Wheat bears did not look threatened. SOY The soy complex opened as called with more outright buying in beans based on technical price action, which was friendly, and more short-covering in soymeal. Buy-stops were triggered over the key...
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...