Overnight trade of grain and soy futures was not quite as frenetic as yesterday. Corn futures then traded in about an 8-cent range today, mostly to the red side of yesterday’s closes. July soybeans traded in a 13-cent range, mostly to the upside, but they still closed indecisively. General Comments Overnight trade of grain and soy futures was not quite as frenetic as yesterday. Nevertheless, soybeans and wheat were firmer on top of yesterday’s gains while the corn market paused. Volume was moderate. Following yesterday’s trade, open interest in corn dropped 13,220 contracts as SRW open interest fell 14,902 contracts, presumably because of fund short covering for the most part. KC HRW open interest declined only 1,697 contracts, and soybea...
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.