Note: WPI chief market analyst Matt Herrington is away on travel until 20 June. It was a modest volume day with trading initially unclear about what direction to take. Corn opened higher, traded both sides but ended down. Soybeans traded both sides but ended lower. Wheat moved higher and stayed there. The beef market knew what direction to take, the same one it has been on, and August live cattle moved to yet another new contract high. That is unlikely to be the last record to be set. USDA’s weekly Export Inspections report showed wheat and soybeans roughly in the middle of analysts’ pre-report estimates, with corn near the top of their expectations. However, it provided little support to today’s corn pricing...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
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.