The CBOT ended lower with profit taking and technical weakness pressuring futures. Corn and wheat were the downside leaders, and the corn market marked a bearish technical day. Palm oil futures posted a new contract high overnight, which helped support soyoil and kept the soy complex avoiding much of the losses felt by grain futures. Funds were net sellers on the day while commercial firms extended forward coverage in grains. The U.S. exported a record volume of soybean in October, shipping out 420.4 Mbu, besting the prior record set in 2016 (415.6 Mbu). Soybean exports for the first two months of the 2020/21 crop year total 706.4 Mbu, putting the U.S. on track to export over 1.0 Bbu in the first quarter. Corn exports in October tot...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.