THE OPEN Nov beans: 1 higher Dec meal: .30 higher Dec soyoil: 12 higher Dec corn: 3/4 lower Dec wheat: 1 1/2 lower The markets were mixed at midday, with corn and soyoil prices breaking lower after the release of the biofuels announcement from the USDA. The US EPA proposed expanding the biofuel blending mandate from 2020, seeing to ensure more than 15 bln gallons of ethanol would be blended for next year, and accounting for small refiner waiver relief. Oilshare was all over the place as soyoil prices rallied to key resistance before the announcement, and then broke to lower support levels. At 11:00, Reuters reported the following from IEG Vantage (formerly Sparks) in front of the USDA...
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.