Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Tunisia’s grain harvest in 2023 is forecast to drop from 750,000 MT to only 250,000 MT because of drought and the restrictions put on water use. Only about 15 percent of the grain area is irrigated so rainfall is very important. Total grain imports are expected to reach 3.8 MMT. Morocco reportedly revised its import wheat subsidy program so that Black Sea wheat is given a subsidy close to that for European origins. The European subsidy is now only about $1/MT higher than for the Black Sea – it had been about $10/MT higher. Egypt’s strategic wheat reserves are at 2.3 months with the Egypt wheat harvest beginning later in April...
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...
Dry bulk markets were volatile but ultimately steady this week with notable differences in rate developments across vessel classes. The Capesize sector, which led the recent rally in freight rates with its dramatic surge, pulled back slightly amid more cautious chartering activity, partic...
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
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.