GOOD MORNING, The main feature on Monday was that after a weaker start, Ags held together fairly well. Today is therefore important to see if it shores up trading ranges off the lows posted yesterday. Up to this point, dryness across the eastern Corn Belt is resulting in markets adding back some weather premium to December corn and November bean markets. Light rains crossed some of the drier areas last night, perhaps weighing on prices this morning. But the driest areas still need more rainfall and the maps do not offer up much chance of a consistent moisture event. Crop ratings were slightly better than expected: Corn: Only off 1% to 57% good/excellent, and beans unchanged at 54% good/excellent. Corn...
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...
What You Need to Know Today: Wholesale inflation was flat in July, with the Producer Price Index (PPI) unchanged versus expectations for a 0.2 percent increase. Core PPI rose 0.2 percent, also below expectations. The softer inflation data has reduced the odds of a September interest rate incre...
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.