Wheat was steady overnight but turned lower at today’s opening. The selling pushed the March Chicago contract below $4.70, and that triggered more technical weakness. There is no weather to worry about except for the ongoing drought in India, but that hasn’t attracted much market attention. General Comments Markets were mostly steady overnight, but they turned negative at today’s openings, led lower by wheat. Its late weakness yesterday coupled with a stronger U.S. dollar today and Egypt’s cancellation of a tender caused wheat to drop. Corn and soybean futures were 1-2 lower much of the morning and weakened into the close.Financial markets were also lower early today and sharply down when the commodity markets closed. The U.S. jobs report...
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.