The CBOT was mostly lower at mid-week with pre-WASDE position evening and consolidative trade being the primary feature. Funds tried to aggressively sell the KCBT wheat market in early trade but that attempt failed and the market ended with fractional losses for the day. Corn futures managed to push higher with the July contract finding short-covering support heading into the WASDE. Overall, ag futures remain range-bound heading into the May WASDE, which is generally expected to be bearish new crop corn, soybeans, and SRW wheat while being bullish KCBT wheat. Statistics Canada released its quarterly wheat stocks data yesterday and reported that 13.3 MMT of wheat were in storage as of 31 March. That figure was up 18 percent from 2022...
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
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.