The CBOT opened on the defensive overnight and traded that way heading into the opening bell. The lone exception was soybeans, which finished 3¼ cents higher overnight and started the day session firm as well. The day session brought more of the same, with corn lower on favorable U.S. weather forecasts while profit taking in wheat pushed that market sharply lower. Funds emerged as aggressive sellers in corn and wheat, triggering sell-stops in the latter market. Soybeans continue to firm on solid Chinese interest in buying U.S.-origin product. The weekly Export Inspections report was bearish corn with 45.2 mbu of inspections coming just shy of the 47.5 mbu needed this week. Soybean shipments were similarly disappointing, reachi...
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.