The Market Improved weather in Brazil took its toll on soybeans this week, taking Chicago prices down 5.75 cents to $13.25/bushel for the January contract. Pricing last month was steady and should remain that way based on tight stocks and solid demand, but that will require Brazilian weather to return to some dryness. It was soymeal that took the real beating. Losing $21.40 for the week in the January contract and now priced at $412.70/ST, slightly below the low in November. By contrast, January Soyoil added 1.16 cents this week to end at 51.45 cents/pound. DOE reported that soyoil used in biofuel increased 29 percent in September to 1.21 billion pounds, the fifth straight month of over a billion pounds going to fuel. And USDA reported lat...
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.