THE OPEN November beans: 8 3/4 lower December meal: 2.90 lower December soyoil: 15 lower December corn: 6 1/4 lower December wheat: 2 1/4 lower The markets opened as called with little down-side follow-through at the open except for soyoil. Traders were unwinding recent buy soyoil/sell meal trade with oilshare correcting downward, while buy corn/sell bean trade emerged after the session started. Early comments were construed as more price positive, stopping the markets from heading into further losses. The comments seemed to stimulate a bit of buy corn/sell bean trade, as the latter benefits from this weekend's better rainfall events. At 10:00 export inspections were released as...
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.