The market appeared to be half asleep at the start of today’s session. Corn and wheat were up relatively modestly for a while until wheat shot up to the double digit gains it would hold for the day and corn concurrently found a nickel that it would not give up. Some of it might have been a hangover from yesterday. The news from the Federal Reserve was expected and still there was an over-reaction, followed by a correction – the usual pattern. By contrast, soybeans immediately went up and stayed double digits higher. Either way, funds were back buying again today. There are reasons for it to continue, and some for why it should quit. For example, IHS Markit raised its estimates for U.S. 2022 corn and soybean production. U...
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.