THE OPEN May beans: 15 3/4 higher May meal: 8.50 higher May soyoil: 35 higher May corn: 6 3/4 higher May wheat: 10 1/2 higher Prices surged higher today as stronger market price action in wheat and meal dominated trade, and forced short-covering from funds who have been major sellers over the last few days. Rumors that low prices could have resulted in Chinese purchases of wheat and corn, (unconfirmed as of now) led to the higher trade. Corn prices triggered sell-stops on the way down, and buy-stops on the way up as prices enter run-em-in and run-em-out action. The major feature of the morning was that of surging meal, which helped to support...
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.