CBOT markets traded higher overnight heading into the U.S. Thanksgiving holiday with soymeal posting new contract highs in the process. The day session, however, saw profit taking develop once again and selling pressure accelerated in wheat throughout the day. Soyoil and the livestock contracts were the only major CBOT/CME ag markets to finish higher for the day. The weaker finish for corn and soybeans even came on the heels of overnight rumors that China booked U.S. and Brazilian soybeans on yesterday’s price break. USDA did not report any daily export sales news, which dampened CBOT spirits somewhat. The weather forecast for Brazil remains unrelentingly hot and dry into early December. The exception is Rio Grande do Sul which...
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.