SPREADS Spread trade consumed most of the volume in the last session. March corn was down 36,104 contracts with May up 23,638 contracts. March open interest declines to 373,184 contracts with May at 489,438 contracts. March bean open interest declines by 21,013 contracts with May open interest largest now at 275,417 vs. March at 211,131 contracts. May wheat has the largest open interest at 180,371 vs. 104,322 in March. May crush trades to 88c/bu while oilshare trades down to 34.18%. July/Dec corn trades from 2 3/4c to 3 3/4c. March/May wheat trades to a 3 1/4c inverse from 1 1/2c. July/Nov bean trades from 6c to 7 3/4c. PALM OIL Cash offers down $2.50/MT at $682.50/MT and $685.00, respectively. NEWS The Dow is...
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.