Soybean futures prices are more or less following their own path and ignoring the gyrations of the wheat markets as those futures fell victim to their own overbought condition. General Comments Grain and soy futures prices were somewhat higher as the overnight session opened, but they were soon in retreat. Traders who were expecting USDA’s crop condition rankings for corn as of 2 July to decline were surprised when the good/excellent rating actually increased 1 percent to 68 percent. The idea that the corn crop had not suffered any damage from heat and dryness, at least as of last Sunday, was enough to cause recent speculative buyers to try to bank whatever paper gains they had. The grossly overbought MGEX spring wheat market did not need...
What You Need to Know Today: China’s state-run COFCO, in statements on Tuesday, implied that U.S. corn exports were currently uneconomical but hinted that the Middle Kingdom would import 3.5 MMT of the feed grain this year, with 1 MMT likely sourced from the U.S. Another drone attack has...
Tanker-tracking data shows a smaller recovery in oil flowing through the Strait of Hormuz than previously thought. Energy Secretary Chris Wright, speaking by video to an international energy conference in Riyadh, Saudi Arabia, said that oil moving through the strait was back to 80 to 90 percent...
Key Takeaways: While soybean, palm, sunflower, and rapeseed oils dominate global vegetable oil markets, premium oils such as olive, avocado, coconut, and sesame command substantially higher prices due to their distinctive flavors, nutritional characteristics, and specialized culinary uses.. Ol...
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.