WHEAT: USDA’s outlook for 2022/23 is for higher U.S. wheat prices. U.S. 2022/23 wheat supplies are projected down 3 percent, as lower beginning stocks more than offset a larger harvest. All wheat production for 2022/23 is projected at 1,729 million bushels, up 83 million from last year. The average wheat yield 46.6 bushels per acre is up 2.3 bushels from last year. Exports are projected at 775 million bushels, down from revised 2021/22 exports and would be the lowest since 1971/72. Projected 2022/23 ending stocks are 6 percent lower than last year at 619 million bushels, the lowest level in nine years. The projected 2022/23 season-average farm price (SAFP) is a record $10.75 per bushel, up $3.05 from last year...
What You Need to Know Today: The EPA offered an extension for 2025 RSF compliance reporting from 1 September 2026 to 1 October 2026 and announced decisions on requests to exempt 34 small refineries from the requirements. The U.S. is stepping up attacks against Iran after two tankers carrying c...
On Monday, 31 August, the U.S. Environmental Protection Agency (EPA) announced decisions for 34 small refinery exemption (SRE) petitions under the Renewable Fuel Standard (RFS) program for 2025. In consultation with the U.S. Department of Energy (DOE), EPA reviewed and considered information su...
Key Takeaways: EPA granted full or partial Small Refinery Exemptions to 29 of the 34 petitions under consideration, removing approximately 1.76 billion RINs from 2025 compliance obligations, roughly 770 million more RINs than EPA had previously anticipated. The larger exemption total does not...
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.