GOOD MORNING, Prices are lower this AM as the Midwest saw a decent amount of rainfall over the weekend. Wheat prices trade near the lowest level since last Sep. 2019 as harvest continues across the US. So far, about 1/5 of the US HRW and SRW harvest has been completed. Russia's price for wheat was lower, which competes directly with US origin. Crop conditions will be released today at 3:00 PM, and with scattered showers over the weekend ratings would be expected to be unchanged. One of the bigger upcoming reports involves corn and the 30 June Quarterly Stocks and Acreage Report, which is usually a market mover. Soybeans are lower but may continue to see support on pullbacks as US bea...
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.