Corn Argentina Farmers are still focused on harvesting soybeans, which means the corn harvest is progressing very slowly and is delayed versus the prior year’s progress. Only 2.5 percent of fields were harvested last week, putting the total harvest at just 20 percent complete. The soybean harvest is one-third complete, meaning there is still plenty of time left before the corn harvest begins in earnest. Ports have been receiving an average of 65,000 MT of corn daily, a volume similar to the past few weeks. Despite the delayed harvest and small number of trucks arriving at ports, April ended with 3.9 MMT of corn exported. The current vessel lineup totals 3.2 MMT of corn, which includes one vessel for 40,000 MT destined for Brazil. T...
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...
Key Market Insights Macro markets delivered a full whipsaw today. Early in the session, crude oil had rallied back above $100/barrel as traders priced renewed concern over the U.S.-Iran standoff and potential supply risk through the Strait of Hormuz. That strength helped pull grains off their o...
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.