After two months of bearish reports, there was a general feeling that USDA’s October WASDE, released today at noon (EDT), would add to that trend with even higher yields and production for U.S. corn and soybeans than the already huge September estimates. Moreover, USDA had to factor in the larger carry in stocks (indicated by the 1 September quarterly stocks estimates) that would almost certainly lead to record-large total supplies. Well, the October WASDE gave the market some of what it expected but not quite all. Corn, soybeans and wheat futures all traded higher in the immediate aftermath of the report as its tone was not as bearish as feared. USDA harvested most of its test plots for today’s production estimates, but those n...
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...
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.