The Turkish government has increased the local value-added tax (VAT) on imported DDGS and corn gluten feed in order to protect domestic soybean/sunseed crushers. The country imports most of its DDGS from the U.S., while much of the corn gluten feed originates in Ukraine. Regional Updates Middle East/Mediterranean Comments Iran and Ukraine have signed a memorandum of understanding (MOU) that will help develop agricultural business between the two countries. Ukraine is looking to greatly expand the range of those items exported to Iran, which comprise 85 percent of its exports to that nation, while hoping to attract local investment from there in its agriculture production.Meanwhile, Iran’s wheat supply for the next year (March 2016-Februa...
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.