Coming right under today’s deadline, last night Canada was added to the trade pact negotiated with Mexico. The update to NAFTA, renamed the U.S.-Mexico-Canada Agreement (USMCA), provides some scale of new access in previously protected sectors in each country. In Canada, there will be new access for U.S. dairy and poultry, and the U.S. will have new access for Canadian peanuts and sugar as well as products that contain either. The biggest gain for the U.S. was the elimination of the Class 7 ingredient milk pricing. Six months after the agreement becomes effective, Canada will not undercut the price of nonfat dry milk (NDM) in the U.S. when setting the price for skim milk solids used to produce NDM and milk protein concentrates (MPC)...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.