Key Takeaways:
WPI’s 2025/26 corn export models continue to reflect strong international demand and put the total marketing year volume slightly above USDA’s estimates. Strong old crop corn exports are offset by weaker feed and residual use, leaving ending stocks slightly elevated. New crop corn supplies are forecast below USDA’s July estimates while our demand outlook is similarly reduced, leaving ending stocks very similar to 2025/26 levels and suggesting forward pricing stability. The U.S. 2025/26 soybean balance sheet has potential, in WPI’s view, to loosen a bit in the upcoming WASDE, though the current price rally will boost the farm-gate average price. The new crop soybean outlook is bifurcated into two...
What You Need to Know Today: Cattle futures crashed on social media rumors that ICE raided one or possibly three fed cattle packing plants in Kansas Monday night or Tuesday morning. Operations at one plant have been disrupted and production curtailed. Outcomes for shipping via the Strait of Ho...
Key Takeaways: The expansion of biofuel-driven soybean crushing was expected to increase soymeal supplies and pressure prices as soyoil became a larger driver of crush economics, but soymeal has instead retained considerable value. Strong domestic and global feed demand has helped absorb addit...
Beef packer margins improved to $176/head last week, up $19 from the prior week as the Choice cutout edged higher while fed cattle prices eased. The cutout rose to $376/cwt while fed cattle slipped to $222/cwt, modestly widening packer profits. Margins remain well above year-ago levels despite...