The CBOT was somewhat muted during the day session after trading strongly into the green during the overnight. Yesterday’s Crop Progress report that found slower corn/soybean harvest progress than was expected was the catalyst for the overnight rally. By the day session, however, the market’s focus returned to demand, which remains staunchly bearish corn and the bullishness of which is fading for soybeans. U.S. corn is still priced at a premium to South America and is nearly even with FOB prices for Ukraine’s huge crop. There doesn’t seem much hope for U.S. exporters to gain competitiveness this fall. Moreover, while FOB NOLA soybeans are presently the cheapest globally, that competitiveness disappears for Feb...
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.