GOOD MORNING, Prices begin the day mostly lower as forecasts begin to show agreement among weather models that there will be a good rain event after this brief dry spell. Wheat prices drop to the recent lows posted on yesterday's break, with corn dropping down to its current pullback low as well. Wheat harvest continues in the US and rain in parts of Europe dropped Matif prices to three-month lows, which spilled over into US markets. Kansas reports from southern counties indicate that harvest continues to show above average yields. US wheat will become more competitive the lower prices go. Soyoil futures are lower following a lower crude oil market, while meal is firmer as traders book profits on the recent ri...
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.