The CBOT traded a quiet day at mid-week with corn and wheat pushing lower and bull spreading developing in soybeans and soymeal. The soy complex remains the hot market for now with soymeal holding just below recent contract highs and commercials still buying, as evidenced by the spread trade. Corn and wheat are finding selling pressure from funds, but U.S. farmers are not selling much corn right now, which is keeping basis strong and limiting futures weakness. Wheat futures should be facing some bullish pressure from 15-year lows in U.S. ending stocks and the Argentine drought, but slow exports and uncompetitive offers at the U.S. Gulf are keeping the market on a downward path. Funds were slight net sellers in corn and wheat for the day and...
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.