India Wheat Export Value Reduced – Local Prices Higher As the sowing season for wheat neared, GOI increased the Minimum Support Price of wheat to 14000 rupees ($225)/MT. The export price (benchmark FOB basis of GOI stocks) was set for some time at $300/MT and there were no bids. The trade's opinion was that a price of $260-270/MT was more realistic and, based on the market feelers, GOI reduced the export price by $40/MT to $260/MT this week. The State Trading Enterprises (STE), such as the State Trading Corporation (STC), Mineral and Metals Trading Corporation (MMTC) and PEC Limited, last floated tenders for export of 0.16 MMT and had received bids varying from $260–267/MT. There is ample wheat available in the international market and...
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilian vessel safety in the Black Sea. Both Russia and Ukraine have recently targeted civilian vessels carrying oil and grain in the Sea of Azov...
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.