Record Pork Draw on Cold Storage Stocks Yesterday, USDA released the monthly cold storage report. As of 1 June, inventory of pork in cold storage was 467 million pounds, 76 percent of 1 May and 26 percent of a year ago. That was a record draw down and inventory is at its lowest since 1 September 2011. As Matt Herrington noted yesterday, that is another sign of the impact that COVID is having as stocks were not being replenished. Beef was 87 percent of last month and 102 percent of last year, while chicken was 92 percent of last month and 103 percent of last year. For dairy, cheese was 98 percent of last month and 102 percent of last year while butter was 102 percent of last month and 121 percent of last year. The draw on pork...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
From WPI Consulting
Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.