Corn started to move reluctantly higher with the rally in soybeans, but advanced up sharply at mid-morning. There was little news around to excite the wheat markets, but they were firmer today on the corn and soybean rallies. General Comments Markets were supposed to open lower Sunday evening because of the bearish USDA reports and poor closes last Friday. They did so, but it didn't take long for soybeans to move up and then sharply higher on the heels of fund buying. That eventually brought corn and wheat along as well, and the markets closed strong.It was a government holiday in the U.S. today, so USDA and banks were closed. However, the financial and commodity markets were open. Regular Monday USDA reports like crop progress and export...
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.