THE OPEN May beans: 4 1/4 lower May meal: 1.10 lower May soyoil: 3 lower May corn: 1/4 lower July wheat: 3/4 higher Prices were subdued heading into today's Planting Intentions Report. Funds headed into the numbers net short corn, slightly long wheat, long meal, with neutral positions in beans/meal. Buy beans and wheat/sell corn trade dominated into the numbers, with unwinding of recent buy meal/sell soyoil spreads. It has not been unusual for corn prices to trend lower into the last several reports, and today was no exception, with traders expecting higher acreage. After the report, prices more or less stabilized in corn as values headed towards contract lows, suggesting the typic...
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.