The CBOT pushed to new contract highs overnight but found some profit taking and were generally weaker heading into the morning open. Technically, a few contracts posted bearish reversals overnight, but any overnight technical weakness was an afterthought once the day session began. Funds again emerged as strong net buyers and now likely hold a record large long in corn and possibly soybeans as well. Fund buying, combined with short covering in May futures, sent CBOT markets to fresh contract highs on Wednesday. Spreads continued to firm and stronger soyoil pushed soybeans and meal higher as well. Funds likely bought 30,000 contracts of corn, 20,000 contracts of soybeans, and 11,000 contracts of wheat on Wednesday. Fund buying in soy...
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...
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Accountability and a comprehensive approach to export programming
WPI’s team helped construct a strategic approach to develop, implement, and track promotional activities in 8 key regions across the globe for an agricultural export association. With continued progress measurement and strategic advisory services from WPI, the association has seen its ROI from investments in promotional programming increase by 44 percent over the past 5 years. Not only does this type of holistic approach to organizational strategy provide measurable results to track and analyze, it fosters top-down and bottom-up organizational accountability.