GOOD MORNING, Prices started the session lower as rains fell in SA, and futures sport overbought chart signals. However, once again pullbacks were shallow as end-users are eager to catch up on sales, and prices traded both sides for many of the markets. Cash markets still remain firm in many parts of the world with China's corn prices on the rise, and SA sold out of exportable beans. Exports out of the Gulf remain stretched to capacity with an active bean export program. Rising corn futures and strong basis levels has corn vying for cargo space with beans, according to Agricensus. Meal prices continue to surge with charts continuing to post new contract highs on a near daily basis, despite overbought conditions.&nb...
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.
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...