The overnight session was a relatively quiet one with corn and soybean prices trading a little higher and following up on yesterday’s firm finish while wheat prices hung around unchanged. Day session prices were supported early by last week’s good volume of export sales as reported by USDA/FAS this morning. General Comments The overnight session was a relatively quiet one with corn and soybean prices trading a little higher and following up on yesterday’s firm finish while wheat prices hung around unchanged. There was little fresh news by way of input, although there were rumors that China’s Sinograin intends to buy 20 MMT of corn from this year’s harvest to support domestic corn prices and refill the government’s reserve stocks. Auctions...
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.