GOOD MORNING, End-of-month profit-taking, non-threatening weather, low exports, and negative rhetoric for the trade negotiations combined to send prices lower yesterday and triggering trade into new chart lows. Technically speaking, the charts started to build in new fortified resistance levels last week with rallies that were consistently lower day to day. The tipping point came yesterday as both corn and beans dipped under previous support points to trade at new cycle down lows. Funds sold 10,000 corn contracts yesterday, bringing their net long closer to core 100K vs. positions that were closer to 185K earlier in the season. WEATHER Cooler but drier? Iowa and Illinois are trending drier, and the 6/10-day...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.