Overnight trade in grain and soy futures featured higher prices and modest volume. Soybeans were the leader with the November contract up about 7.5 cents. The grains were higher but more timidly so. Chicago wheat was up about 4 cents, and corn’s gains were limited to fractions. Trading volume was also limited during the day session. Soybeans continued to trade green numbers based on short covering and technical considerations with November trading above $8.50 resistance. As the day session ended, however, the best soybeans could do was to close with November exactly at $8.50, a 4.25 cent gain. We suppose this can be viewed as a technical draw. Soy products were firm with meal $0.80-1.70 higher and soyoil up 11-15 points. Wheat future...
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.