Corn futures prices managed to move in a 6-cent range today as an increasing number of early yield reports are hinting that NASS may not be as far off with its last estimate. This added to the pressure of harvest on futures prices. Further pressure came from weaker cash basis bids. General Comments Overnight trade in grain and soy complex futures was light with prices mostly lower. Farmers with mature soybean and corn crops are rushing to harvest them, aided by the dry, warm weather over most of the Midwest. More reports of actual harvest experience are beginning to flow in, and their tone appears to be favorable. Many yield reports for both soybeans and corn are closer to last year’s results than expected, and they are providing support...
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.