Wheat lead the CBOT higher today on concerns that Russia might restrict exports in the near future. Corn and soybeans were reluctant followers with lingering old crop selling capping gains. Reuters today announced the confirmation of bovine spongiform encephalopathy (BSE) in a 6-year old cow in Florida. The market shrugged off the news as the strain of BSE is a generally non-virulent one that spontaneously pops up every now and then. Wall Street is higher again with the S&P 500 posting another new lifetime high! The Dow is higher as well but not sufficiently so to challenge its lifetime high. The Dollar index is down 11 points as of this writing while crude oil futures are up over $1/barrel in both the WTI and Brent market...
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.