The CBOT traded a mostly higher day with corn and soybeans pushing closer to major resistance at $6.00 and $13.00, respectively. Funds were net buyers and a handful of buy-stops were triggered in both the corn and soybean markets as futures passed technically significant levels. Wheat futures were higher but lacked conviction, despite further escalations in Russia/Ukraine tensions. U.S. farmers were not significant sellers on today’s rallies but are rumored to have resting sell orders at or above $6.00 in corn and $13 in soybeans. Both corn and soybeans seem poised for an upside breakout, but a fundamental catalyst is so far lacking. Much of the Midwest saw exceptional windstorms in the past 24-48 hours, with the southern Plain...
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.