Soybeans started the day higher and quickly posted a new contract high while corn was mostly steady until late day strength triggered buy-stops. Funds were modest net buyers, but trading volume was expectedly low as few want to carry additional risk into the long weekend with only four trading days before another long weekend. Funds are thought to have bought some 5,000 contracts of corn, 4,000 contracts of soybeans, and 2,500 contracts of wheat. Market news has been light today with continued rumors of China booking 2020/21 U.S. corn and soybean cargoes for spring shipment. USDA has not announced any daily “flash” export sales since the 11 December soymeal sale to the Philippines. The daily export sales announcements are...
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.