Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Middle East/North Africa (MENA) region importers of maize and wheat from Argentina will be facing higher prices due to the new taxes added to exports by that country’s government. However, many Argentine exporters had expected the tax increase, and up to 8 MMT of export sales were registered with the government prior to its implementation (pre-registered sales were not subject to this change). The tax on soybeans and soymeal was also adjusted, but their export prices should not increase due to other changes in the tax system. Iran’s program for importing up to 100,000 MT of milling wheat per month from Russia and Kazakhstan is said to be stalled due to financing difficulties...
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.