Some commercial buying of corn futures was noted today that helped the corn market close mostly 1-2 cents higher in moderate volume. Wheat futures closed higher at all three markets, led by strength in Chicago September that closed up 6.75, while December finished up 5.5 cents. General Comments This week has seen corn and soybean futures prices fall to the low end of the trading ranges they have maintained for the last month. So a bounce higher was not unexpected even though the overall bearishness from looming record new crops still prevails. Basically, that is what we saw in today's price action, although it was a struggle. Corn did manage to hang onto green numbers at the close, but most new crop soybean contracts slipped fractionally...
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
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.