Black Sea wheat and corn prices are firmer this week, driven by the futures rallies in Paris, Chicago, and other global markets. Additionally, Ukrainian rains and low water levels in the Danube river are respectively delaying harvest and barge traffic. Milling Wheat The Black Sea market is firmer in sympathy with the futures rally in Paris, Chicago and other exchanges around the world. The domestic market in Russia and Ukraine is well supported, especially for good quality milling wheat.Several purchases of European/Black Sea wheat have occurred this week, with notable buyers including Egypt and Saudi Arabia. The Egyptian GASC bought 60,000 MT of Russian and 120,000 MT of Romanian wheat at $187 CNF. There were only 3 cargoes of Russian wh...
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.