With the October WASDE now in the rearview mirror, the CBOT markets are starting to shift their focus to export trends and harvest progress. Friday’s trade, however, still saw lingering effects of the USDA’s report, mostly in that futures corrected some of Thursday’s rallies. Corn, soybeans, soymeal, and KCBT wheat all settled lower for the day while CBOT wheat and soyoil managed to follow though on Thursday’s gains. After reevaluating the fundamentals overnight, the CBOT seemed to cool off on Friday with a renewed focus on U.S. harvest pressure, though weekend harvest progress will be stalled by rain. Funds were net sellers for the day across most markets but were only lightly active. Commercial activity and bull sp...
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.