Corn futures resisted the downdraft in wheat and soybean futures, trading slightly lower much of the day. However, markets did stage a minor recovery in the last 30 minutes. General Comments Markets were steady to a bit better overnight, but the direction changed quite dramatically at today’s opening. Wheat and soybean markets turned decidedly lower, while corn managed to lose just 1-2 cents. The early market chatter centered on how these markets might stabilize heading into next week’s Thanksgiving holiday in the U.S. Futures markets are technically oversold, and farmers have not opened their bin doors yet. Basis levels are still very firm. There were no export sales announced by USDA today, and no one expects any bullish surprises in to...
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.