The Chinese government's refusal to approve the two new biotech soybean events was known to U.S. soybean growers and officials in the biotech industry at least a few weeks before it was reported last week. While it is not clear exactly why the government is all of a sudden taking this action, there are a few likely reasons. USDA Sharply Reduces Soybean Stocks, Increases 2013 Soybean Production USDA today surprised the market by reducing U.S. soybean ending stocks on 1 September to only 91.96 million bushels (2.53 MMT). That was well below average trade estimates of 126 million bushels (3.43 MMT) and USDA's September forecast of 130 million bushels (3.54 MMT). It was also substantially below last year's September stocks of 140.557 million...
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.