If yesterday's wheat trade was "Buy the Rumor", today was “Sell the Lack of News” with no additional information coming from Russia regarding their possible export restrictions, or lack thereof. Soybeans were higher overnight but headed lower during the day session, pulled down by basis pressure and mixed export sales. Corn was flat and largely uninteresting, except that an early rally fizzled quickly. The Export Sales report was neutral old crop corn and soybeans and bearish 2018/19 wheat, with sales and exports below their needed pace. Wheat exports are down 35 percent YTD, setting up a bearish precedent. New crop corn sales, however, were sufficient to keep the volume of outstanding 2018/19 sales up 50% YTD, a bullish...
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.