GOOD MORNING, Values are firmer across the board, except for meal, as global demand continues to improve. Ocean freight, a barometer of overall demand and economic health, was 41% higher as of April 8 from the Gulf to Japan vs. the start of the year, according to Farm Policy. Inflation concerns are getting louder. Commodity indexes are trading higher as the cost of raw goods continues to trade upward. China's economic growth surged to 18.3% vs. year ago for Q1 2021 after factory and consumer activity returned to normal conditions following the pandemic. China's National Bureau of Statistics said the economy "delivered a stable performance with a consolidated foundation and good momentum of growth". Tren...
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.