USDA’s November estimate for the 2018/19 U.S. wheat crop are unchanged this month, and total use is raised 7 million bushels on higher seed use that reflects increased projected 2019/20 wheat planted area. Food use is unchanged based on the latest NASS Flour Milling Products report, issued November 1. Projected ending stocks are lowered 7 million bushels to 949 million. The season-average farm price is unchanged at the midpoint of $5.10 per bushel and the range is narrowed to $4.90 to $5.30. Global 2018/19 wheat supplies are raised 6.7 million tons on both increased production and beginning stocks. Most of this change stems from the updated production data released by China, which made significant production changes from 2007/08 thro...
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
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.