Soybean futures prices weakened again under pressure from the harvesting of a record Brazilian crop and clear evidence that buyers are focusing on that origin. The corn market was supported by export demand, both confirmed and rumored. General Comments The March futures contracts expired today without fanfare. There have been enough deliveries of nearly everything to ensure a quiet demise with very little open interest remaining.Grain and soy markets mostly edged lower overnight in the absence of anything to stimulate potential buyers. The day session had more of a mixed tone with corn struggling back into the green and soybeans staying solidly red with the overnight low for May soybeans down 14 cents at $9.92. Soybeans did recover enough...
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.