USDA reportedly shocked the market by failing to cut U.S. planted corn acres by the amount expected and instead nipping more area out of soybeans. The agency says it will now reassess the situation in July. Still, the June Acreage report has historically not been too far off from the final amount. The actual field survey work of that report should make it more reliable than the survey-based March Prospective Plantings report, but it depends on one’s bias. Over the past seven U.S. crop seasons, the March report has on average overestimated corn acreage by 0.194 percent, whereas the June report underestimated the final output by -0.338 percent. Nevertheless, the June report is considered a relatively reliable predictor of the actual fi...
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.