Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Bangladesh reports that the lowest offer under its 50,000 MT wheat tender is $409.77 MT CNF Liner Out with the other three offers ranging from $431.83 to 441.00. No purchase has been finalized yet. Iran is expected to leave the subsidy on imported wheat in place until March 2022. The subsidy is made available through the use of the set government exchange rate of 42,000 rials to the U.S. dollar. Iran reports that it has imported 4 MMT of wheat since the start of its new year in April 2021 and has purchased 4.5 MMT from farmers. Reports say that Iran has also imported 5.5 MMT of maize and 2.2 MMT of barley. Iraq’s Ministry of Agriculture said the drought in Iraq has cost...
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
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.