March corn spent the day drifting lower from the daily high of $3.9975/bushel to close about 10 cents lower. However, it is premature to interpret this price action as a bullish scenario that has run out of steam. General Comments It was a rather slow day of trading but not uneventful as patterns continue to develop. For example, turn a chart of March corn from daily into weekly and a nice looking "v bottom" technical chart pattern emerges. Less attractive but similar v bottom chart patterns exist in March soybeans, soymeal and Chicago wheat. The v bottom formation in these other contracts is less symmetrical than in the case of March corn, but the sibilance of a pattern still exists in each. Sloppier patterns just tend to have lower prob...
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.