Wheat futures prices closed 4-6 cents higher due almost entirely to the influence of the other markets. Last week's mediocre inspections show that wheat exports are lagging despite the low prices. General Comments With the U.S. government on holiday Monday, the usual reports on export inspections, crop progress, etc. were not released until today. For the week ending 9 October, more than 2.9 MMT of grains and oilseeds were inspected for export, the biggest week so far in the 2014/15 crop cycle. Corn inspections totaled 933,788 MT, soybeans reached 1.428094 MMT, and wheat came in at 423,880 MT. Corn and soybean inspections were the biggest of the crop year so far, but wheat inspections were disappointing.Other than the fact that they remai...
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.