Russian Grain Markets: 5-9 September 2022 As of 7 September, the Russian Ministry of Agriculture reported the harvesting of grains and legumes produced 125 MMT of which 88.2 MMT is wheat, 21.2 MMT is barley, and 35,000 MT corn (the corn harvest has just started). These numbers are the weight collected from the field which require drying and conditioning. The Ministry forecasts this year’s crop at 129.56 MMT of which wheat is 87 MMT in standard weight. These numbers are questioned by the industry; domestic analysts’ forecasts range from 142 up to 145 MMT, with wheat forecasts ranging from 94.7 to 95 MMT. Individual analysts believe the wheat crop size may be as high as 96 MMT. Russian Grain Union has a slightly pessimistic view...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
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.