Lower Production Forecasts for Canola in Canada and Rapeseed in Europe Two reports released yesterday indicate both Canada and the EU-28 are likely to produce less canola and rapeseed, respectively, this year than earlier expected. In both cases, weather is the main reason. Statistics Canada yesterday lowered its estimate of Canadian canola plantings from 21.3 million acres (8.62 million hectares) to 20 million acres (8.093 million hectares), an 8 percent decline from 2018 and the smallest in three years. This is largely attributable to dry weather during the key planting period. However, another reason is China’s de facto ban on imports of Canadian canola, which drove its prices down. Meanwhile, Thomson Reuters’ commodity re...
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
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.