With the stronger U.S. dollar, weaker soybeans and corn plus the absence of any supportive news or inputs, today’s stronger wheat market seems hard to rationalize. General Comments Soybean and corn futures engaged in a sort of Turnaround Tuesday performance, while wheat futures bucked that trend by shaking off earlier weakness to close higher. Wheat’s higher close came despite a pre-Fed rally that pushed the U.S. Dollar Index back above 98.25 amid widespread expectations that the federal funds rate will be increased by .25 percent at the close of the Federal Open Market Committee (FOMC) meeting tomorrow afternoon. Expectations of a hike must surely be priced into the U.S. dollar by now, and the financial markets’ initial reaction may well...
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.