From the limited price action, it is clear that the market is not expecting big changes from tomorrow’s March WASDE. There is some sentiment that USDA might raise estimates for corn exports and/or use for ethanol, which would lower end stocks. Others, though, think that it may wait until next month. General Comments Grain and soy futures prices weakened further in uneventful overnight trading, and this trend continued through the day session with the March WASDE looming tomorrow. Price losses for corn and soybeans did not expand much during the day session with both markets closing down more than 3 cents. Prices stayed in narrow trading ranges of about 5 cents for corn and 8-9 cents for soybeans. Soy product prices were slightly lower wit...
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.