GOOD MORNING, Prices continue to trade mixed, with the major direction for most of the markets sideways to lower. Funds are now estimated to be short 8,000 wheat contracts, 175,000 corn, and 24,000 meal. Funds are estimated to be long 55,000 bean contracts and 54,000 soyoil. Into the August 12 WASDE, we will continue to see the usual trade estimates. Another firm forecast bean yield at 52.5 bpa, putting production at 4.352 bln bu. 2020 corn bpa was forecast at a more modest 179.6 bpa, with production at 13.617 bln bu. The bull component of trade continues to be that of strong oilshare, with soyoil futures on a higher path backed by higher crude and strong world veg oil values. Soyoil futur...
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.