U.S. gasoline prices are up 60 percent June to June and deservedly receive more than food price inflation. Year to date, consumer food inflation is at 6.7 percent, though USDA expects it to be closer to 8.5 to 9.5 percent. The meat category is a main component pulling it higher with consumer inflation at 12.14 percent. This contrasts with a 20-year average of all consumer food advancing at a 2.4 percent annual rate. USDA expects consumer food inflation to cool dramatically in 2023 to 2.5 to 3.5 percent, closer to its historical average. At the producer level, cattle prices in 2022 will advance 12.5 to 15.5 percent, versus pork at -1.5 to 1.5 percent. However, the real price spike is occurring in dairy and poultry. To manage inflation...
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
Accountability and a comprehensive approach to export programming
WPI’s team helped construct a strategic approach to develop, implement, and track promotional activities in 8 key regions across the globe for an agricultural export association. With continued progress measurement and strategic advisory services from WPI, the association has seen its ROI from investments in promotional programming increase by 44 percent over the past 5 years. Not only does this type of holistic approach to organizational strategy provide measurable results to track and analyze, it fosters top-down and bottom-up organizational accountability.