THE OPEN November beans: 1/4 lower December meal: .70 lower December soyoil: 19 higher December corn: 1 lower September wheat: 3 1/2 higher The markets opened as expected with a firmer note in wheat on reported sales to China. Traders were back to buying oilshare and buying beans/selling corn into the report. Rains which moved through part of Iowa, Wisconsin, and northern Illinois with slightly cooler temperatures created morning long liquidation in beans while spurring more selling interest for corn. Bearish ideas before the report surfaced in corn which led to bean/corn and wheat/corn spread trade. The surprise of the report was mostly found in wheat, which was more bullis...
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.