Today’s CBOT trade was dominated by poor retail sales and the weekly EIA ethanol and gasoline production/stocks report that proved bearish for both markets. Corn led the CBOT lower after the report and wheat futures dropped into the red amid a seasonally weaker trend and fund selling. Funds are estimated to have sold 6,500 contracts of wheat, 6,000 contracts of corn, and some 3,000 contracts of soybeans. The U.S. Bureau of Labor Statistics released its monthly retail sales/expenditures data today, which showed the stark impact of COVID-19 quarantines/stay-at-home orders. Total retail sales (including gasoline) were down 6 percent from March 2019 while foodservice sales were down 23 percent. For comparison, the March decline was...
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
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.