USDA surprised the markets today with significant changes to its U.S. commodity balance sheets. After the initial surprise, however, market settled down and closed with relatively small gains/losses. Of the agency’s changes to the U.S. supply/demand outlook, the most notable is the reduction of 2017/18 corn ending stocks forecasts due to higher exports. Conversely, reductions in soybean exports outweighed lower planted area expectations and left additional supplies in 2017/18 ending stocks for that commodity. USDA projections for the wheat market included few changes, except a bearish addition to ending stocks. Outside markets are struggling this afternoon with the Dow down another 600 points as of this writing and the S&...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.