Markets were lower in the Sunday evening session as the hangover from last Friday’s bearish USDA corn and soybean numbers continued. The wheat numbers that day were actually supportive, but wheat was the weakest market overnight and again today with double-digit losses throughout most of the day session. Funds were long going into the reports and have been heading to the sidelines. They were reportedly long 52,000 contracts of Chicago wheat to start this week while short 67,000 contracts of corn and 85,000 contracts of soybeans. Weather was also slightly better in today’s extended outlooks. Temperatures will be back to normal or even below with normal precipitation. However, they are expected to heat up again next weekend. Ther...
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.