Corn – USDA reduced U.S. corn ending stocks for 2020/21. The average U.S. yield was reduced from 181.8 to 178.5 bushels per acre. U.S.corn production is forecast at 14.9 billion bushels, down 378 million from last month on a lower yield forecast and reduction in harvested area. U.S. corn ending stocks are lowered 253 million bushels from last month. Foreign corn ending stocks are lower relative to last month. EU corn production is lowered, mostly reflecting a reduction for Romania. Ukraine corn production is down due to a drought across much of the primary growing areas after a favorable start. Corn production is raised for Brazil, as high domestic prices are expected to support an expansion...
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.