Chicago Mercantile Exchange cattle futures made gains today as trends indicate that while contracts have backed away from record highs, market fundamentals remain solid.
Chicago corn futures ticked up in rangebound trade on Thursday as stout export sales, weather concerns in Argentina and strong demand added support, analysts said.
As U.S. farmers grapple with soaring debt and slumping incomes, some crop producers are trading their tractors for flocks of sheep, and starting up solar grazing businesses to help make ends meet.
U.S. grains merchant Archer-Daniels-Midland is making a fresh wave of job cuts this week at its largest unit, the grain trading and oilseed processing division, according to three sources briefed on the matter.
Chicago Mercantile Exchange cattle futures continued to rally on Tuesday, with feeder contracts setting new all-time highs, as U.S. cash prices remained firm and domestic supplies of replacement animals continued to shrink, market analysts said.
Chicago soybean futures sank to life-of-contract lows on Tuesday as favorable crop conditions in Brazil and weak Chinese demand for U.S. soybeans hung over the market, traders said.
World food prices rose in October to an 18-month high as vegetable oils led increases seen in most food staples, United Nations' data showed on Friday.
The United Nations' world food price index rose in November to its highest level since April 2023, recording its biggest gain in 19 months on the back of surging vegetable oil prices, data showed on Friday.
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.