GOOD MORNING, Prices closed on a firm note and extended gains once more overnight as funds now establish long positions across the board. November beans hop over the $10.00 mark to achieve a new contract high, and December corn breachedver the $3.70 level. Though the USDA did not lower corn and bean production/yield estimates as much as expected, traders are obviously looking for further reductions in the October report. On the bear side, corn production is still among the highest levels ever at 14.9 bln bu. On the bull side, bean ending stocks were 25% lower, and China demand continues to underpin prices. Strong palm oil prices and vegoil demand pushed December soyoil to new highs as well over 34c.  ...
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.