Overnight futures trade featured stronger wheat prices, lower soybean prices and corn near unchanged with only average volume. The soybean market seemed to exhibit “rumor fatigue.” When at last USDA/ FAS announced a sale of 1.13 MMT of soybeans to China under the daily reporting requirement, soybean futures prices reacted by moving still lower. Some market watchers interpreted such reaction as disappointment that additional sales were not announced. However, more are expected within the next few days, and the fact that just a single sale, albeit a large one, was announced today is not significant. In any case, soybean futures prices were down by double-digits following the sales announcement and through the close. If there 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
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.