The Egyptian GASC purchased 240,000 MT of Russian wheat and 120,000 MT of Romanian origin over the weekend, paying $204.02-206.40/MT CNF for 10-20 July shipment. The prices were about $3 higher than in the previous week’s tender, most likely because of one particular factor. Milling Wheat The harvest in the Black Sea region is expected to start in just a few weeks, and farmers have sold a much smaller percentage of their production than they usually do at this point. The Russian crop is estimated at 67-69 MMT (versus 73 MMT last year) with Ukraine’s projected at 24-25 MMT (versus 26 MMT last year). The weather during the next four to six weeks will be crucial in determining the final size and quality of the winter wheat crop.The Egyptian...
What You Need to Know Today: The U.S. conducted “self-defense strikes” in Iran and said the two sides are “close” to negotiating a ceasefire. “Close” is a relative term, however, and even if 95 percent of the terms are agreed to, the remaining 5 percent is l...
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s Animal and Plant Health Inspection Service (APHIS) has updated its China export restrictions webpage to reflect that China has lifted HPAI-rel...
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn ethanol production has increased due to expanded second-crop corn production, sugarcane storage limitations, and biofuel policy. Brazil is e...
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.