SPREADS Sep crush firms back to 98c/bu while oilshare eases off its monthly highs to trade to 31.78 percent. September contract liquidation continues, with deferred spreads widening out for corn. Dec/March trades out to 10c from 9 1/2c. The Dec/Dec inverse weakens below 10c to trade back to 9 1/2c. Sep/Dec corn firms into 8 1/2c from 9c while Sep/Dec wheat trades from 7 1/4c to 7 3/4c. September wheat still holds the largest amount of open interest for now, at 172,710 contracts vs. Dec at 114,342 contracts. September open interest was down 4,931 contracts suggesting long liquidation. December corn open interest stands at 528,334 vs. Dec at 747,697 contracts. Most of the spread tr...
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.