GOOD MORNING, Prices are now bending under the weight of harvest, nervous longs, and some farmer selling pressure. The stronger US dollar is perhaps the most problematic for a grain rally in the big picture, particularly for wheat. Wheat will need a world weather problem to keep it from breaking further, as negative technical price action takes over. Seasonally, Sep. wheat has a sell signal that usually begins on Sep. 10 but is arriving a bit late this year. Oilshare continues to nosedive with meal prices pulling off contract highs, while soyoil futures break to new chart lows, suggesting that a top has finally been placed in this market. WEATHER --The U.S. Harvest continues to speed along in mostly id...
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.