GOOD MORNING, Price action continues in trading range territory with the bean market well bid from $9.00 on the back of more optimism as regards trade talks. US Treasury Sec Mnuchin and Trade Rep LIghthizer will travel to Shanghai on July 30. Considering these advancements, more soybean bears are lifting their short positions. Soyoil futures have also trended towards their trading range highs, pushing oilshare to monthly highs. Stronger palm oil prices are part of the reason for the short-covering in Chicago futures. Malaysia's biodiesel production and exports are set to hit record levels this year as lower palm oil prices set the stage for blending biofuels in both China and the EU. Top off...
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.