Corn was mostly steady overnight, but it turned higher today and closed quite strong. The corn market still has a significant fund short position. Meanwhile, funds are still holding a record or near-record short position in Chicago wheat futures. General Comments Markets started the Sunday night session mixed, and that held throughout today with corn and wheat steady to higher and soybeans lower. This pattern will likely continue heading into Wednesday morning’s USDA production and supply/demand updates. A preview of those reports is detailed in a separate analysis.It was a government holiday in the U.S. today, so USDA was closed. The typical series of its Monday reports, including the weekly export inspections and weekly crop progress re...
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.