As of today, Congress has four days until government funding expires, and 15 days to pass a farm bill extension before (31 December) permanent law goes into effect, which could have negative impacts on commodity markets. Lawmakers are still working to finalize a stopgap funding bill that would hold government funding steady into next year. That continuing resolution (CR) will likely have a March deadline, though there is some concern about taking up too much of President-elect Trump’s first months in office finalizing FY 2025 spending bills. Negotiators have also cited ongoing work assessing disaster relief as a key factor in discussions, as disaster aid is expected to ride alongside any funding stopgap measure. The Biden Administ...
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.
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...