Soybeans rallied strongly today as global vegoil prices spiked early. NOPA’s report highlighting ending stocks and crushing rates added to the bullish fuel. Corn futures closed largely flat but held important technical points. General Comments The week’s trading started on a positive note as the overnight session saw corn, wheat, and soybean nearby futures all work their way higher. Grains futures opened Sunday night’s trading in the red with markets weighed down by lower DJIA futures and a marginally higher U.S. dollar index. The session turned higher, however, driven by last week’s momentum and a strong overnight rally in palmoil futures that pushed soyoil and soybean futures higher. The overnight session ended with soybeans 9 ¼ cents h...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.