GOOD MORNING, The May WASDE has come and gone, and technically the markets did not break down. Quite the contrary, as the focus of the report was huge ending stocks in corn, which were by and large not achieved. There has already been a rush to the downside courtesy of Covid-19, and lower ethanol usage factored in to today's lower prices. Once the largest number is advertised, the onus is on the market to achieve it, and for the bear that fell short. While corn prices saw net short-covering, beans spent the majority of the session working to value current trading range levels as funds hold a modest only long position. Wheat futures had the most bearish slant, and fell to new lows as the first forecast of the 2...
Key Takeaways: Dry bulk markets remain mixed with Capesize vessels seeing continued pressure from weaker demand while fixtures and rate strength gradually increases towards the smaller vessel classes. Tanker markets are pulling back from their recent highs as tonnage moves out of the Mid...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
Key Takeaways: Texas illustrates the assumptions underlying the 2025 FMMO reform; Idaho exposes their limitations. The Southwest order blend (roughly 27 percent Class I, 32 percent Class III and 31 percent Class IV) exposes Texas producers to every lever USDA adjusted, with a near-neutral proj...
From WPI Consulting
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.