GOOD MORNING, The November USDA report has come and gone, and it provided much less market volatility that in previous WASDA reports. Futures are mixed to lower this morning (higher soyoil) as more traders unwind previous buy soy/sell grain grade. Beans lose to corn while oilshare remains the bull market trade. Wheat: Wheat futures are lower this morning along with corn, though funds do hold a neutral position in that market. Spring wheat data was the most positive item with the USDA reducing harvested acres in Idaho by 5,000, 10,000 in Minnesota, 120,000 in Montana, 745,000 in North Dakota and 10,000 in South Dakota. Production was reduced 415,000 in Idaho, 570,000 in Minnesota, a...
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.