Today’s U.S. Energy Information Agency (EIA) report verified the downward direction of ethanol production and thus corn demand in the wake of COVID-19. Miles driven have fallen nearly in half and ethanol plant production is rapidly responding to that drop. This means that 2020/21 corn carryout stocks will at minimum be over 7 percent larger and likely much higher by the end. Today’s EIA numbers coupled with a realistic view of the weeks ahead suggest that last week’s USDA WASDE forecast of a 375-million bushel reduction in corn use for ethanol for the year is more likely only half the story. The stay-at-home order for many states is supposed to be lifted later this month but several states are extending it well into May; V...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
From WPI Consulting
Accountability and a comprehensive approach to export programming
WPI’s team helped construct a strategic approach to develop, implement, and track promotional activities in 8 key regions across the globe for an agricultural export association. With continued progress measurement and strategic advisory services from WPI, the association has seen its ROI from investments in promotional programming increase by 44 percent over the past 5 years. Not only does this type of holistic approach to organizational strategy provide measurable results to track and analyze, it fosters top-down and bottom-up organizational accountability.