Yesterday, the Senate passed an omnibus funding bill to keep the government open through the end of the fiscal year. It cleared the Senate 68-31 and on Wednesday passed the House 361-69. Without it, the continuing resolution in place would have expired today. The bill provides $14 billion in aid for the Ukraine and $1.5 trillion for U.S. government operations. For agriculture, there is a total of $25.125 billion in discretionary funding. Appropriated/discretionary funding is essentially the operation fund for the government, as opposed to authorize/mandatory funding which is the program spending, such as crop support payments, conservation cost sharing and the like. Until this year, since 2011, discretionary spending was limited by the cap...
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.