Without the leadership of the soy complex, wheat and corn futures prices struggled to stay near yesterday’s closes before finally closing lower. Wheat gave back most of yesterday’s gains, while corn gave it all back plus a little more. General Comments When Monday is a holiday, Turnaround Tuesday happens on Wednesday. Corn and wheat were mostly a bit weaker in overnight trade. Soybeans traded both sides but eventually turned higher with the November contract hitting a new high for the post-WASDE move at $9.1975. Even though USDA announced another soybean sale to China, this time for 235,000 MT, the overnight enthusiasm was dampened somewhat early in the day session as soybean prices fell back to once again trade both sides. After mid-sess...
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.