In true “Turnaround Tuesday” fashion, soybean, corn and wheat futures gave back all of Monday’s gains plus more. Soymeal futures fell about $1.50, and soyoil contracts tumbled 60 points following a big dip in Malaysian palm oil futures overnight. General Comments In true “Turnaround Tuesday” fashion following Monday’s rally, soybean, corn and wheat futures closed mostly 3-8 cents lower today. They gave back all of Monday’s gains plus more. Trading volume was light, and yesterday’s buying interest was nowhere to be seen today. This was true despite more rain falling in Iowa and Missouri today and heavy rainfall predicted for the eastern Corn Belt before the weekend. We suppose that yesterday afternoon’s USDA weekly crop progress report, wh...
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.