Today’s USDA reports were bearish at first glance. However, the picture for soybeans looks much more bullish when factoring record demand against reduced old crop ending supplies.Today’s USDA reports were bearish at first glance. They pegged U.S. corn and soybean yields at new record-high levels. U.S. corn production is now projected to exceed 15 billion bushels (385 MMT) and U.S. soybean production is forecast to reach over 4 billion bushels (110 MMT). The table below shows today’s and July’s numbers versus last year’s: Corn Today’s corn yield exceeded even the most optimistic pre-report estimates. USDA indicated that corn ear weights were record-high. This leaves open the possibility of another yield increase going forward. 2016/17 U.S...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.