GOOD MORNING, Prices are mixed this morning, with soyoil lower on the back of a palm oil sell-off, while all other markets are higher. Conflicting stories continue to circulate for China and beans, but according to Shanghai's JCI, China will have to purchase US beans to cover any shortages they have with hog breeding expected to recover, and therefore meal demand higher. US beans remain cheaper than Brazil into what could be the end of the year. Bean prices are firmer this morning into new highs, despite the WSJ story yesterday in which it stated that China had cancelled some US farm shipments including 23 cargoes of beans due to rising tensions between Washington and Beijing. The article stated that importe...
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...
From WPI Consulting
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.