Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Syria is reported to have covered most of its wheat needs into 2022 through arrangements with Russia. Shipments of wheat are expected to continue from Russia to Syria through the end of June. There was a comment in the Russian press that wheat shortages were seen in Syria due to the U.S. army moving wheat to countries neighboring Syria. The Iran government has announced that it will purchase 8.5 MMT of local wheat at a price of $280 MT (officially $0.28 per kilo). This year’s purchase price is double that of last year and has been increased as an incentive to farmers to increase wheat production. Iran is expected to produce about 12 MMT of wheat in 2021. Pakistan&...
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 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.