What You Need to Know Today:
It was a quiet trading day across major agricultural commodities, with most contracts closing within 1 percent of the previous day's settlement. Trading volumes for corn and the soy complex were lighter than earlier in the week, as traders were positioning before and after the June WASDE was released. The major agricultural-related news today was JBS announcing the closure of its Souderton, Pennsylvania beef plant on 14 August. The plant had a slaughter capacity of about 2,000 cattle per day. The closure will affect approximately 1,700 workers. President Trump called Iran “dishonorable” after its state media reported inaccurate descriptions of a potential U.S./Iran agreement. Pakistan, a key mediato...
What You Need to Know Today: Wheat prices surged after Ukrainian strikes on Russian vessels and infrastructure disrupted grain shipments, halting traffic through the Sea of Azov, Kerch Strait, and Black Sea. The July WASDE report offered a modestly supportive outlook for corn, wheat, and soybe...
The trade deficit in goods and services came in at $77.6 billion in May, slightly smaller than the consensus estimate of $78.4 billion. After a few months of relative stability, the trade deficit widened in May. The increase in the deficit for the month was due to both a rise in imports, which...
Every June combines begin their annual sweep across the winter wheat fields of Texas, Oklahoma, and Kansas. At the same time, USDA releases its Acreage and Crop Progress reports, providing the first comprehensive look at the size and condition of the crop. Most years the reports simply confirm...
