THE OPEN May beans: 8 higher May meal: 2.20 higher May soyoil: 25 lower May corn: 8 higher May wheat: 1 3/4 higher The markets opened as expected with more weakness in soyoil on profit-taking in oilshare, as the markets maintained their strength throughout the day for the most part. Stronger bean and meal price action supported the rest of the markets throughout the trading session. Reports of better hedge pressure were noted for new crop corn. At 10:00 export inspections are as follows: beans: 183,986 mt vs. 337,159 mt week ago wheat: 613,595 mt vs. 461,368 mt week ago corn: 1,524,777 mt vs. 1,727,589 mt week ago Inspections were good for grains, low end for...
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.