SPREADS March crush bounces back to trade to 87.11c/bu with oilshare at 33.51%. July/Dec corn trades to a new inverse high at 58 1/4c with a low of 52 1/4c. March/May wheat trades around even. March/May beans trade from 2c inverse to 3/4c. March wheat/corn trades from 1.54c to 1.62c. PALM OIL March palm oil closed up 120 ringgits higher to new contract highs. Oilseed analyst James Fry told a group that he does not expect worldwide palm oil distribution to stay at trend growth and reach the 6.0 mmt level, attributing the shortfall to labor issues and weather disruptions. SGS estimated palm oil exports for Dec 2020 at 1.624 mmt, up 16% vs. Nov. Palm oil futures are at 10-year high...
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.