The Market The market got a bump up on Tuesday when it first appeared the Russians had fired at NATO member Poland. Then dropped on news that Russia was not the culprit and instead Moscow conceded to a 120-day extension of the grain corridor agreement. The January soybean contract closed out the week 21.75 cents lower (-1.5 percent), December soymeal gained $3.00 (0.7 percent) and December soyoil lost 4.23 cents (-5.5 percent). Soybeans first broke above $14/bushel on Halloween and had been more or less climbing ever since. Some were even looking for the market to break above $14.85 resistance level. But all eyes are on South American weather for future direction. CBOT speculators have once again cut their net long positions in soybeans,...
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.