CBOT futures shrugged off yesterday’s macro-market selloff overnight and traded higher with corn extending gains into the open chart gap. The day session saw continued strength with traders focused on the latest Crop Progress data and the U.S. weather outlook. Funds were net buyers for the day, securing 5,000 contracts of wheat, 10,000 contracts of corn, and 8,000 contracts of soybeans. U.S. weather forecasts are still trending hot and dry for the PNW, northern Plains, and the western Corn Belt in the latest model runs. Monsoonal moisture through the southwest is pushing the high-pressure ridge eastward into the Corn Belt, creating unfavorable conditions for corn and soybean yield determination. The 7-day cumulative precipitation for...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.