THE OPEN November beans: 1/4 higher December meal: .80 higher December soyoil: .8 lower December corn: 1 1/2 higher December wheat: 1/2 higher The markets opened as expected and continued in a low volume trade throughout the morning session. Funds evened up a bit as they are an estimated 116K contracts short corn, long 55K beans and soyoil, slightly short meal and wheat. Technical traders continued to watch the gap in November beans at $8.99 for potential direction into next week. Closing the gap and trading below would be negative, while filling it and staying above would keep the new highs of this week do-able. The increased chance of rainfall next week kept bean prices in congestive 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...
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.