The market in Romania and Bulgaria is very quiet. Farmers are still holding a large volume of wheat, but they prefer to wait for higher prices later in the campaign. The combined, remaining surplus in both countries is estimated at 3 MMT. Milling Wheat The Black Sea market is firmer in response to the strong rally of EU and U.S. wheat during the last few days. The slowing farmers' selling after the harvest pressure is certainly one of the main reasons behind this market correction following a very long period of declining prices.Egypt's GASC bought 120,000 MT of French wheat last week at $223.70/MT FOB (equivalent to $241.20 CNF). The lowest offer for Russian wheat was $238.74/MT. One cargo of Ukrainian wheat was offered at $230.84/MT.The...
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.