The series of White House meetings on an administrative fix to the costs of Renewable Identification Numbers (RINs), which began in December 2017, will continue. This is despite the drop in 2018 D6 ethanol RIN prices to $0.32-0.34 this week versus around $0.70 in January. RINs for 2017 have been trading at a $0.05-0.06 discount. The upcoming confab will include all the key players from the Senate: biofuels advocates Charles Grassley (R-Iowa) and Joni Ernst (R-Iowa), who want to lower compliance costs of the Renewable Fuel Standard (RFS) and RIN prices through an expansion of E15, and refinery champions Ted Cruz (R-Texas) and Pat Toomey (R-Pennsylvania). For those keeping score, the doubles team of Cruz and Toomey are ahead so far; the admi...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
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.