Overnight trading in grain and soy futures found prices generally lower amid what can best be described as a lack of interest. That interest did not accelerate much during the day session as grains and the soy complex were not really influenced by the nuances of today's Fed’s statement. General Comments The U.S. Federal Reserve Bank’s Federal Open Market Committee (FOMC) ended its March meeting this afternoon, and as was fully expected, it left its interest rate unchanged. However, the statement accompanying that decision struck many analysts as being more “dovish” than anticipated. It acknowledged improvement in the U.S. labor market and other economic activity, but the statement also cited continuing headwinds from the sluggish global e...
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.
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...