THE OPEN Nov beans: 3 1/2 higher Dec meal: 1.40 lower December soyoil: 60 pts higher December corn: 2 3/4 higher December wheat: 1 lower The markets opened as called but prices quickly drove higher as the beginning of the week brings with it warmer and drier temperatures. Short-covering, bargain hunting, and pricing activity drove prices upward, with soyoil futures having the largest gains. Canola prices remained locked limit on forecasts for continuing hot and dry weather in Canada's growing regions. At 10:00 export inspections were released as follows: beans: 200,933 mt vs. 208,136 mt week ago (vs. an expected 100-300,000 mt) corn: 993,974 mt vs. 1,236,248 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.