General Comments Markets were quietly steady to higher overnight following yesterday’s strong closes in soybeans that pulled corn higher as well. Soybean futures continued to lead the markets higher today after yesterday’s positive USDA numbers. Weekly export sales were released today after a one-day delay due to the holiday last Monday, and they were better than expected for soybeans and corn at just over 1.7 MMT and almost 1.6 MMT, respectively. Wheat sales were small, however, at only 175,000 MT. There were no daily sales reported this morning. As the five-day expected precipitation map below indicates, the weather outlook for the Corn Belt still looks damp. This will cause intermittent corn and soybean harvest delays...
What You Need to Know Today: The U.S. conducted “self-defense strikes” in Iran and said the two sides are “close” to negotiating a ceasefire. “Close” is a relative term, however, and even if 95 percent of the terms are agreed to, the remaining 5 percent is l...
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s Animal and Plant Health Inspection Service (APHIS) has updated its China export restrictions webpage to reflect that China has lifted HPAI-rel...
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn ethanol production has increased due to expanded second-crop corn production, sugarcane storage limitations, and biofuel policy. Brazil is e...
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.