The expectations for tomorrow’s USDA WASDE report are set, and they are bullish. There will be fewer U.S. corn harvested acres, lower yields and thus reduced ending stocks. There will be less Argentine and Brazilian corn, and lower world stock. The same with U.S. soybeans, and the world will have less wheat. With that in mind, the market reaction this day before the report was to reduce prices except in soyoil and wheat. It was buy grains and sell soy at the open, but it reversed back into the pattern that has now held for the past several weeks. Today’s adjustments were in part an acknowledgement that the report’s expectations are already baked into the cake. It also reflects some more granular details: • U.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.