U.S. domestic corn exports are lowered 75 million bushels due to slow sales. As a result, corn ending stocks are raised 75 million bushels. The season-average corn price received by producers is lowered 10 cents to $6.70 per bushel based on observed prices to date. Foreign corn production is reduced with forecast declines for Ukraine, Russia, the EU, and Vietnam. Ukraine corn production is sharply lower with reductions to both area and yield as the ongoing conflict. Russia corn production is lowered as harvest delays in the country reduce area expectations. (Note: USDA increased Australian barley production due to the most recent crop report from ABARES. Argentina barley production is cut on continued dr...
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.