Traders continue to step on the brakes but have not yet broken any lines of support but are getting close. Soyoil dragged the complex lower as it hit the daily trading limit, but things could reverse tomorrow. After the close, USDA issued its October Oilseed Crushing report and it was bullish. It was the second largest crush on record but even more importantly, crude oil stocks at 1.640 billion pounds were more than 20 percent lower than expected. Use of inedible oil in processing was up 20 percent year-on-year and up 7.5 percent from a month earlier. The market sunk on disappointment about biofuel levels being announced by U.S. EPA but there remains plenty of demand from markets like California. Also weighing on the market was conti...
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
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.