Trading in Chicago was quiet ahead of tomorrow’s WASDE. The wheat markets, receiving favorable weather reports for the U.S. and Black Sea regions, were lower and the most active contracts today. Corn and soybeans were steady as traders finished adjusting positions before tomorrow’s report while not adding any significant volume. Crude oil hit multi-year highs overnight as the Trump administration announced it would pull out of the Iran nuclear deal. The Dow and S&P 500 both headed lower mid-morning before recovering this afternoon to gains of 0.75 and 1 percent, respectively, as of this writing. The U.S. dollar is down 3.8 points and hovering above 93 while COMEX gold futures are down $1/ounce. WTI crude oil is up 3 p...
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...
From WPI Consulting
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.