THE OPEN November beans: 2 3/4 lower December meal: 3.70 higher December soyoil: 77 lower December corn: 2 lower December wheat: 3 3/4 lower Prices opened as expected with still trending lower oilshare a major feature of trade. Meal prices continued to place new ctr highs as more demand surfaces due to restrictions in Argentina's meal supply. Strong meal helped bean prices to stabilize, while negative technical signals in palm and lower canola triggered sell stops in soyoil. The following forecasts were made by Argentina's BA Exchange: 20/21 bean production was forecast at 46.5 mmt 20/21 corn production at 47.0 mmt 20/21 wheat production at 17.5 mmt vs. the May projection of 21.0 mmt. Wor...
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.