The CBOT bounced higher heading into the long, holiday weekend, but trading volume was anemic as many traders apparently decided to head home for a four-day weekend. Corn, wheat, and the soy complex all traded higher for the day but did little to change their major chart directions. Funds were cautious net buyers but were mostly adjusting positions ahead of the long weekend. Note that when trading resumes Monday night, there will be four full trading days before USDA issues its September WASDE report, so pre-report positioning will likely dominate next week’s trade. Brokerage StoneX released its latest customer survey of the U.S.2022 corn and soybean production. The firm lowered its assessment of the U.S. corn yield to 173.2 BP...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
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.