THE OPEN March beans: 14 1/2 higher March meal: 3.00 higher March soyoil: 56 higher March corn: 7 1/4 higher March wheat: 2 higher The markets opened as called with wheat on the defensive shortly after the open. In a correction from this morning, there were reported sales of 336,500 mt of corn sold to unknown for 20/21, confirming rumors of business, along with 138,000 mt of HRW sold to Nigeria for 21/22. There were also 163,290 mt of beans sold to Mexico for 20/21, and 136,000 mt sold to china for 20/21. Wheat prices turned two-sided, as oilshare bounces higher. IHS Market group released their acreage estimates as follows: Beans: 2021 bean acres at 90.1 mln acres, up...
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.