Grain and soy markets were soft overnight with corn, wheat and soybeans trading slightly below Tuesday’s close. Trading volume was quite low. The day session found wheat taking an unusual bounce higher, but corn managed only a small gain. Soybeans slipped a couple of cents, and soy products were also down just slightly. Trading volume was not impressive and seemed particularly low in the corn market. Wheat markets are greatly oversold and so are subject to quick little rallies just for that reason. However, the winter wheat markets may be finally coming to realize that the severe late winter weather has posed (and still poses) a threat to both HRW and SRW crops. Overnight temperatures fell to single-digit levels throughout the Plains...
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
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.