Wheat, corn, and soybeans all opened higher, as called, and posted fresh highs for their respective rallies. Only wheat, however, was able to hold gains as profit taking and disappointing export sales news weighed on corn and soybeans. Corn sales and shipments missed their mark this week while the lack of daily export soybean sales to China pressured the soy complex. Bull spreading developed between grains/soy while end users supported soyoil on a break to the 50-day MA. Rains are slated for Brazil and parts of Argentina this weekend, but WPI notes planting progress must move significantly higher for the precipitation to have a bearish impact. The La Nina weather event is increasingly threatening to the South American soybean/corn crops an...
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.