A breather, a correction, a pause, a break, a pullback, a retreat, an adjustment, a weakening, profit-taking, overbought, congesting, digesting…analysts use a lot of different words to try and explain when the market stops rising. Notably, the market today might have done some of that, but none to any serious degree. Far from breaking any support levels, the soymeal contract was the only one to lose more than 1 percent (-1.3 percent). Intra-session lows were clawed back because nothing fundamental has changed from the day before. The biggest change is the announced end to the port inspectors’ strike in Argentina, thus the drop in soymeal, but then that country’s farmers start their own strike this coming Monday. Since ne...
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.
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...