The CBOT was mixed with varied news items creating conflicting price action. Dryness across central Brazil is dominant for the coming week but features more rain thereafter, and the rains are becoming more crucial with each passing day. Brazilian farmers are aggressively planting to get the soybean crop in the ground. Ukrainian corn yields are falling as the harvest advances, but Russian yields are above expectations. The net effect is still that the Black Sea will have a lot (i.e., near-record) large corn production to ship internationally this year. This afternoon’s CFTC report showed that funds continue to build their long soybean and soyoil positions while selling into the corn market. Notably, funds bought 25,000 contracts...
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.