Grain and soy prices continued to languish in the red during much of the day session. January soybeans were down 12 cents at one point and well below technical support before a surge of soybean buy orders late in the session pulled prices up enough that they closed in the green. General Comments At this writing, the U.S. Dollar Index is higher again as is gold. U.S. stocks area also higher, although barely so, while crude oil is up slightly at over $67 and copper is lower.The CME overnight session saw grain and soy prices trade lower in quiet trade. Wheat was the biggest loser due to indications from the Russian government that it had no plans to intervene in wheat exports. Fears of some sort of Russian quasi-export embargo on wheat had s...
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.