Selling pressure in overnight trading continued during the day session with November soybeans plunging as much as 22 cents to $9.555, finally filling the old chart gap beginning around $9.64 that dates back to early July. General Comments Soybean and corn prices were pressured in overnight trading by a line of light-to-moderate rain showers that were moving eastward through Iowa and southern Minnesota. It was a fresh reason to sell soybeans, especially for the longs. Overnight trading volume was active again. Ironically, the new weekly drought monitor showed a new spot of drought rated as severe in central Iowa even as the rains continued to fall this morning. The measured rain totals were fairly modest, ranging from about one-quarter 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.