Overnight trading found CBOT futures lower after yesterday’s rally in corn stalled at key moving average (MA) resistance and from yesterday’s technically weak close in wheat. Corn finished nearly 8 cents lower, while the soy complex bled into the red as well. Only wheat managed to find a few pennies of support. The day session saw mixed trading with corn dropping to early losses and soybeans initially following suit, but the latter then found support and closed higher. Wheat continued it’s decline with all classes finishing lower. Yesterday’s CFTC report showed a larger-than-expected long position in corn and the exact opposite situation in soybeans. The June USDA reports found traders strongly on the wrong side of...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.