Milling Wheat The Black Sea market remained about unchanged last week. Russia’s domestic market was about 200 rubles ($3)/MT higher. Its exports are slowing significantly as the higher prices and unofficial export barriers are doing their job. The Egyptian GASC purchased 300 KMT last week for 21-31 March shipment. This included 120 KMT of U.S. SRW at an average $260.85/MT CNF, 120 KMT of French wheat at $260/MT CNF and 60 KMT of Ukrainian wheat at $261.20/MT CNF. The cheapest offers for Russian and Romanian wheat were $264/MT CNF and $262.29/MT CNF, respectively. The EU exported 118 KMT last week, bringing the total to 10.1 MMT versus 13 MMT at the same time a year ago. At the current export pace, the total will not exceed 17 MMT (...
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.