GOOD MORNING, Funds were net sellers in grains yesterday which probably makes them even in corn to slightly short in wheat. Outright fund positions in the soy complex probably see a net short of around 80K contracts in beans, 40K in meal, and 15K in soyoil. While the grains are slightly mixed this morning after scoring new chart lows, the soy complex is higher. Beans are breaking but they do not seem to want to stay lower. Beans see support from good crush rates, and from competitive world values. The Pro Farmer crop tour adds another supportive element. On the Pro Farmer tour, Indiana soybean-pod figures were down nearly 30 percent vs. year ago with acres about 30-45 days behind normal, leaving them vulnerab...
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.