The CBOT traded higher overnight with wheat and soybeans leading the way. Concerns about low-quality wheat in Europe fueled a rally in the Paris market that helped CBOT wheat firm as well. Increasing heat and dryness is forecast for the U.S. and Russia, causing additional production concerns for those regions. The day session saw a continuation of the overnight strength with spring wheat and canola futures rallying again on hot, dry weather for the U.S. and Canadian Plains/Prairies. The canola rally and shifting forecasts for the U.S. soybean-producing region sparked a rally in the soy complex. Corn was the weaker market on Friday, as it has frequently been in recent days, settling lower with bear spreading from soybeans and wheat.&n...
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.