China has a four-step plan for improving its corn production:
GMO seeds
Improved soil quality
Increasing the scale of farm operations, and
Subsidies
The high price of corn is reasonable – No. 1 document
There is a fifth element as one official termed the current high price of corn as “reasonable.” China uses 24 percent more land than the U.S. to produce 27 percent less corn. If China achieved the same yield levels as American corn farmers, it would produce 71 percent more corn (445 MMT). But that is a huge leap that would take years to achieve. The No. 1 Document is evidence of the contention by Bryan Lomar of the U.S. Grains Council that there is “systemic” corn import...
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...