GOOD MORNING, Prices are mixed to begin the morning with funds purchasing soyoil futures on the back of sharply higher palm oil. Beans are firmer following technically, as China purchased both US and Brazil origin in recent days. State -owned Chinese firms purchased at least 3 cargoes of US beans Monday. A higher Brazilian basis level and tightening supply makes US beans cheaper and China still has fall demand to cover. Meal follows beans and soyoil as prices sit at the bottom of recent ranges. Features of the day appear to be buy beans/sell wheat and buy soyoil/sell meal. Funds were net sellers of corn at last week's highs, betting that weather remains favorable and that the crops go in on time,...
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.