Grain and soy futures trade continued to be light in volume and devoid of excitement overnight with limited price movement. This dull pattern carried over to the day session as well. Wheat futures moved lower during the day, a response to ongoing fund liquidation, the lack of export demand, and improved moisture conditions for HRW planting that will soon begin. Chicago wheat slipped 7-8 cents lower, and KC wheat dropped around 8-11 cents. This was the third down day for wheat in this holiday-shortened week, but these price declines happened quietly and without fanfare. MGEX HRS futures also fell today with the December contract losing 8.5 cents. On the other hand, corn and soybean futures ended with modest gains. Corn contracts were mostly...
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.