THE OPEN Jan beans: 3 higher Dec meal: 2.10 higher Dec soyoil: 5 lower Dec corn: 1/4 lower Dec wheat: 1 3/4 lower Prices opened as expected with more spread activity as traders bought beans and sold grains, and bought meal/sold soyoil. A poor round of export sales for corn and wheat triggered fund selling, while continued demand for beans and meal helped to underpin that market. Crush data later added another reason for beans to stabilize at recent lows. Soyoil futures continued to follow weaker palm values. Beans were also supported by US officials stating that they were continuing to make progress in the latest push for a China/US deal, which created a jump in the stock market as well. ...
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.