Buying activity was huge today with soybeans and corn jumping higher to the surprise of many bears. Early end-user buying strength combined with positive geopolitical news started the rally early this morning, with short-covering and later technical buying (particularly in soybeans, which moved above two key moving averages) accelerating the move around Noon. Traders were actively searching for The News that caused the rally, but it was seemingly driven by several macro influences, rather than one or two micro factors. One report noted as a possible catalyst for the rally was a Bloomberg article posted early this morning saying China plans to cut tariffs on roughly 1,500 products in the near future, possibly as early as October. The...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.