The CBOT was mostly lower in early week trade with traders still exiting positions ahead of the next two weeks’ holidays. Fundamental news was light, and the market was primarily focused on the bearish factors of rains in Argentina and the slow U.S. export pace. Funds were net sellers for the day, but enthusiasm was lacking across the CBOT, except possibly for soymeal. Soymeal futures plunged lower and broke technical support before posting a slight recovery heading into the close. Most of the United States is bracing for a major winter storm this week that will bring bitter cold temperatures and snow to most of the country. A polar vortex is moving down from the Artic and Canada, pushing across the northern Plains and Midwest...
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...