Early gains in corn and soybeans gave way to selling pressure this afternoon while poor crop condition ratings for winter wheat boosted prices across the board. Livestock futures continue to implode under the weight of large spring/summer cattle and hogs supplies and weakening cash prices. Outside markets are higher today with the Dow and S&P 500 indexes back in the green after yesterday’s sharp selloff. Talk yesterday afternoon was focused on the S&P 500’s close below the 200-day moving average (MA), which tends to indicate bearish price action ahead. Today, the S&P has traded both sides of unchanged and is currently still below the 200-day MA. The CBOE’s VIX index id down 1.38 percent at 22.25 as of th...
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
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.