Weekly trade data showed a big uptick in pork exports last week; net sales were up 83 percent from the four-week average and actual shipments were up 82 percent. Big buyers were the two stalwarts Mexico and China. Out of net sales of 71,900 MT, Mexico was the buyer of 25,000 MT (35 percent) and China bought 19,500 MT (27 percent). Mexico at 29,400 MT was the destination for 39 percent of total actual shipments of 75,900 MT and China at 22,400 MT was 30 percent. Mexico returned strong to the market; December 2023 shipments were up 17 percent over last year at 105,451 MT, which broke the previous record of October 2023 by 5 percent. Year-end exports to Mexico were up in volume at 1.1 MMT and valued at $2.35 billion. But it wasn’...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.