Except for cattle and soyoil futures the major CBOT/CME ag markets turned red on Wednesday with a combination of surprise weather, technical selling, and a stronger U.S. dollar pressuring markets. The U.S. dollar ticked 36 bps higher on Wednesday, which helped pressure wheat futures along with aggressive fund/technical selling as the charts breakdown further. Corn and soybeans followed wheat lower after surprise showers fell across Argentina for the day, despite this week’s dry forecast. There was also a sense of limited risk appetite heading into the USDA’s Ag Outlook Forum on Thursday, which will include the agency’s first look at U.S. 2023 corn and soybean acreage. Generally speaking, it was a quiet, risk-off day, excep...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
From WPI Consulting
Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.