Livestock Domestic Live Hog Cash Price Rebounds by More than 7 Percent The recent procurement of frozen pork for state reserves combined with some warmer weather propelled the average cash price to its highest level since the end of 2022. On 24 February, China’s Merchandise Reserve Management Center, on behalf of the Ministry of Commerce, the National Reform and Development Commission (NRDC), and the Ministry of Finance, held the first state procurement of frozen pork to replenish the country’s central state reserves. As noted last week, the tender was for 20,000 MT, but the actual procurement amounted to just 7,100 MT with a price range of RMB 23,980 to 23,990/MT ($3,480.41 to 3,481.86/MT). A wave of warm temperatures also s...
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.