Markets were all higher overnight, led by the soy complex. Soybeans extended those gains to double-digits in the first 30-45 minutes of today’s session. Corn followed soybeans, while wheat couldn’t make a move. No significant relief to the dryness in Argentina coupled with a decent weekly export sales numbers drove the soybean and soymeal markets to good early gains. Outside markets were quiet. Crude oil gave back some money today, trading around $0.50/barrel lower most of the session. The U.S. dollar was just slightly firmer, but it is hovering around three-year lows. U.S. equity markets were mixed before rallying slightly on news that Senate Minority Leader Chuck Schumer (D-NY) was invited to the White House to talk about the...
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.