Key Takeaways:
Corn and soybean meal markets are tightening together for the first time in more than a year, driven by lower U.S. yield expectations and continued Chinese soybean demand. A strong El Niño is replacing last year’s La Niña, shifting crop risk across the Americas through a slower U.S. harvest, weaker Brazilian corn prospects, and a stronger Argentine soybean outlook. U.S. dairy margins are narrowing as global feed costs rise, with DMC payments expected from August through December 2026 and the program’s lagged feed-cost formula likely understating near-term pressure. The production-cost gap of more than $20/cwt between the smallest and largest U.S. dairy farms is likely to widen because larger operati...
What You Need to Know Today: Cattle futures extended their sharp selloff Friday as weakening cash cattle prices, deteriorating feedlot profitability, and reduced packer demand continued to weigh on the market. The inability of futures to sustain a rally following last week's bullish Cattle on...
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...
Key Takeaways: WPI’s new EU rapeseed crushing margin models point to weaker processing returns over the next four months due to higher rapeseed procurement costs and weaker product values. Statistical forecasts call for German crushing margins to decline from €181/MT to €...
