GOOD MORNING, Prices are firmer this as temperatures next week are forecast to be hotter than this week. Rains are crossing parts of the Midwest, but it is not a soaking event that alleviates all dryness. Spreads are mostly firmer. The wheat rally continues as more shorts cover, which is providing spillover strength to corn. World wheat production numbers may decline in tomorrow's USDA report. Added to the list of lower production from France, Russia, and Ukraine is Argentina. Argentina's Rosario Exchange stated that they may reduce 2021 crop estimates by 6.5 million hectares due to dryness. Britain's wheat is down 25% after a wet fall forced farmers to switch to other crops. Funds remain sh...
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.