Wheat – particularly KC HRW futures – rose today on continued drought/heat for the Southern Plains states while corn and soybean futures were largely unchanged. Soymeal and soyoil took diverging paths today, with the former rising and the latter erasing much of yesterday’s gains, leaving the soy complex’s path forward uncertain. Cattle futures were sharply higher today while the hog market continued its bearish plunge. USDA’s Export Sales report was postponed until tomorrow due to the Federal government’s shutdown for snow in D.C. yesterday. The Fed’s decision to increase interest rates was met with the expected negative reaction from Wall Street today. The Dow is down 287 points (down...
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.