Technical trading ruled the day at the CBOT/CME with overnight weakness in palm oil sending soyoil lower at the open. That set the stage for support in soybeans and meal as bear soyoil/meal or soybean spread trading developed. The wheat markets pulled back sharply at the open in a test of yesterday’s strength and newly formed support points. That support held, and all three classes of wheat finished with (relatively) minor losses. Funds are long wheat and are defending that position while cash SRW values firm. The trade is looking for USDA’s initial 2020 outlook in the Ag Outlook Forum tomorrow morning. Expectations are that some 93.5 million acres of corn will be seeded this coming year with 85 million acres of soybeans...
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
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.