THE OPEN November beans: 6 1/2 higher December meal: .10 higher December soyoil: 59 higher December corn: 3/4 higher December wheat: 1/2 higher The key feature of the morning was that of continued higher oilshare, as meal prices turned red and soyoil prices sprinted to new trading range highs. Wheat prices were mixed at the open, but once again found buying interest at key moving averages. Strong Chinese markets underpinned US markets at the open, as funds were noted buyers. At 10:00 export inspections are as follows: beans: 1.283,936 mt vs. 1,396,077 week ago. (vs. an expected 1,050,000 mt) corn: 878,907 mt vs. 887,889 mt week ago (vs. an expected 700,000 mt)...
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.