Corn producers across the country are scratching their heads and second-guessing why they didn’t sell or price more new crop corn when the December futures were around $4.00. With a low, narrow range over the past few months, they are trading near contract lows now of just below $3.50. Following is the December corn futures chart:
There are many reasons why producers didn’t sell much (if any) new crop corn ahead of the harvest, including:
No one believed the corn yield could equal or even approach last year’s record. Weekly good-to-excellent crop ratings were consistently 10-14 percent below last year’s record ratings. Growers in some key parts of Iowa and Illinois went for more than six weeks with hi...
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...
