THE OPEN March beans: 29 higher March meal: 6.50 higher March soyoil: 109 pts higher March corn: 7 3/4 higher March wheat: 5 3/4 higher Prices opened as expected with a round of profit-taking as conditions were extremely overbought. Wheat turned mixed first, taking corn off its highs. New money flows continue to come into the marketplace on a weaker US dollar. Funds stand record long and commercials record short. Later in the session prices turned two-sided as macros turned into the red zone on continuing cases of Covid-spread, and fresh lock-downs. Continuing losses in macros pushed prices lower and set about the task of knocking out some of the weaker longs in the mar...
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.