Markets traded both sides during the overnight session as wheat, corn and soybean prices held near the high ends of their recent trading ranges. After grain and soy prices were kept in the red early in the day session,a return of short covering gave them a boost before another factor took effect. General Comments Markets traded both sides during the overnight session as wheat, corn and soybean prices held near the high ends of their recent trading ranges. Perhaps the biggest change occurred for palm oil futures. December palm oil closed down 57 ringgits, thus returning about half of Monday’s price gain. This kept pressure on soyoil and soybeans, although both resisted a severe decline. Commercial hedge selling kept grain and soy prices in...
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.