Overnight trading in grains and the soy complex featured erratic up-and-down price movement, although the price range was limited amid moderate volume. Soybeans pushed higher, but wheat and corn fell below yesterday’s strong closes. Yesterday’s corn trade resulted in a large jump in open interest of almost 24,000 contracts, a good share of which represents an increase in funds’ aggregate long corn position that is now estimated at about 165,000 contracts. Deliveries included 1,610 soyoil contracts, 150 meal contracts, 101 lots of soybeans, 25 corn contracts and 134 KC HRW contracts. The large soyoil deliveries have so far gone mostly to commission house customers. Prices remained mixed early during the day session and the...
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.