Export Sales and Shipments for February 23-29, 2024. Wheat: Net sales of 271,100 metric tons (MT) for 2023/2024 were down 17 percent from the previous week and 16 percent from the prior 4-week average. Export shipments of 368,300 MT were down 32 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (103,100 MT), China (59,200 MT), South Korea (44,200 MT), the Dominican Republic (34,800 MT), and Japan (31,500 MT). Corn: Net sales of 1,109,600 MT for 2023/2024 were up 3 percent from the previous week, but unchanged from the prior 4-week average. Export shipments of 1,159,500 MT were down 5 percent from the previous week, but up 18 percent from the prior 4-week aver...
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.