The CBOT opened higher overnight and finished with strong gains before heading into the morning’s open. At the end of the overnight session, corn was up nearly 9 cents, soybeans were 12 cents higher, and wheat futures were up 8-10 cents. Yesterday’s rally on China-buying rumors was the primary catalyst for the overnight strength. The CBOT opened higher this morning, supported by sales of HRW wheat, FOB Gulf corn, and PNW soybean sales to China. Short covering was dominant as the reality of bargain-buying after the recent selloff unnerved holders of recently acquired short positions. As the day wore on, however, “buy the rumor sell the fact” trade developed, which left corn weaker and capped rallies in wheat an...
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
Accountability and a comprehensive approach to export programming
WPI’s team helped construct a strategic approach to develop, implement, and track promotional activities in 8 key regions across the globe for an agricultural export association. With continued progress measurement and strategic advisory services from WPI, the association has seen its ROI from investments in promotional programming increase by 44 percent over the past 5 years. Not only does this type of holistic approach to organizational strategy provide measurable results to track and analyze, it fosters top-down and bottom-up organizational accountability.