SPREADS Today is day 5 of the Goldman Roll. July corn, meal, soyoil, wheat and bean futures now have higher open interest than in May contracts, as futures are rolled forward. July corn open interest now stands as the highest at 606,557, (May corn at 425,396 contracts). July bean open interest is at 285,144 contracts, vs. May at 210,310 and Nov at 220,957. July products and wheat open interest now also carry most contracts. July crush trades. to 54.94c/bu while oilshare trades to 39.10%. July/Nov bean inverse weakens to 1.32c from 1.34 3/4c, with May/July trading from 4 3/4c up to 7c. July/Dec corn inverse trades from 58 1/4c to 65 3/4c, while May/July firms to 14 1/4c from 13 1/2c. May/Jul...
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.