It is now highly unlikely we will see any major changes to the U.S. corn and soybean production estimates in future reports. The early and rapid pace of those harvests should mean that today’s yield estimates were very accurateToday’s USDA production and WASDE (supply/demand) revisions were basically neutral, at least in terms of the numbers themselves. The markets, particularly soybeans, took a different view. They traded down 9-10 when the report was released, but were a dime higher 10 minutes later despite the fact ending supplies didn’t drop as much as pre-report expectations. Below is a summary of today’s U.S. numbers:Corn: As expected, USDA didn’t make much of an adjustment in the corn yield, but it adjusted the yield up a half-bushel...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.