SPREADS Sep. crush continues to slide down to 1.03c/bu with oilshare at 46.70%. Spread trade of note is the Dec wheat/corn, which trades over recent highs of 1.89c to new highs of 2.06 1/4c. Sep/Dec corn trades to 5 3/4c carry from an inverse, while Dec/March is in the same range of note from 7 1/4c to 7 1/2c. Sep/Nov bean inverse trades from 8c to 6 1/2c. Sep/Dec meal trades from $2.80 to $2.90. PALM OIL Oct. down 42 ringgits closing at 4,405 ringgit/mt. NEWS The stock market is down 180 pts with crude oil prices firmer at $67.66/barrel and the US dollar at 92.70. The Fed will convene and will have to make a decision about whether to taper considering the newest virus cases. CALLS Call...
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.