Corn prices were helped out of the red by a strong rally in wheat and the ability of soybeans to recover from a mid-session sinking spell. Besides being a reaction after several days of losses, there were some other factors involved in today’s strong prices. General Comments Being that it is Tuesday, a market turnaround is to be expected since Tuesday’s grain and soy futures markets have reversed Monday’s price action with some consistency in recent weeks. Sure enough, after overcoming obstacles such as a new contract low for March corn early this morning, that is what finally happened today. Corn prices were helped out of the red by a strong rally in wheat and the ability of soybeans to recover from a mid-session sinking spell.Besides be...
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.