The CBOT gapped higher at Sunday night’s open after a weekend of hot, dry weather and reductions in the Brazilian corn crop. December corn opened above $6.00 Sunday night and November soybeans opened at $14.54, with both markets scoring major technical wins for bulls. Markets opened strong during the day session but quickly found profit taking and plenty of bear spreading from the start of the index fund roll (which will end Friday). New crop corn and soybeans clung to positive territory for the day while old crop markets were lower. Wheat futures opened higher but settled lower as the winter wheat markets lack their own bullish fundamentals. USDA will publish its June WASDE report on Thursday and the most notable expectation is for...
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.