Overnight trading in grain and soy futures saw average volume and limited price movement. Markets traded on both sides of Monday’s closes. At the recess, wheat and corn were down by fractions with soybeans a penny or so higher. Price trends became better defined during the day session as Chicago and KC wheat contracts edged higher, helped by a sharp drop in the U.S. dollar. Chicago wheat was up near 5 cents at its high, and KC wheat peaked up about 3 cents. Both markets then finished down 1-2 cents from their highs, but their positive closes were in contrast with the general weakness of corn and the soy complex as well as a number of other commodities today. MGEX wheat closed around 1-4 cents lower, however. There was little by...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.