The overnight session continued the recent trend of low trading volume and narrow, mixed price movement. This occurred as traders await developments from next week’s high level trade negotiations in Beijing as well as the 29 March quarterly stocks and initial acreage reports from USDA. Action during the day session started out slowly but began to pick up some during the latter half. The corn market seemed to be the catalyst as it climbed as much as 6 cents late in the session before closing with the May contract up 4.75 cents at $3.7625. Soybeans followed, closing up more than 4 cents, and almost all soymeal contracts gained $3.70. However, soyoil finished in the red. The wheat markets all finished higher except for the MGEX May cont...
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.