THE OPEN May beans: 19 3/4 lower May meal: 3.30 lower May soyoil: 1.14 lower May corn: 6 lower May wheat: 10 3/4 lower The markets opened lower with prices under pressure as funds sold the open on weaker technicals and sharply lower outside markets. Scale down pricing activity kept the sell-off at a more orderly pace for corn, but beans and soyoil prices were near session lows for most of the day. Grains held up better with more constructive export numbers. Buy corn/sell bean and wheat trade helped corn to maintain a slower pace of market declines, though it ultimately set a new contract low. Adding insult to injury was another report that an ASF case was found in China as pigs were tr...
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.