World Perspectives
livestock

Initial Observations on California’s Proposition 12

As WPI covered on 28 September, that month’s USDA Hogs & Pigs report surprised to the upside, which led to USDA forecasting more pork production and lower hog prices in 2024. This analysis was repeated in yesterday’s coverage of the WASDE.  But there is still a major unknown hanging over the pork market for 2024, which is Proposition 12 in California and Question 3 in Massachusetts.   Technically, Proposition 12 entered into force on 1 July; enforcement will certainly ramp up in 2024.  A court order extended the time for non-compliant pork that was in the supply chain before July 1st to continue to be sold in the California market until December 31st, 2023. A recent study took a look at pork prices and...

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feed-grains soy-oilseeds wheat

Summary of Futures

Mar 25 Corn closed at $4.5075/bushel, down $0.0875 from yesterday's close. Mar 25 Wheat closed at $5.2925/bushel, down $0.165 from yesterday's close. Mar 25 Soybeans closed at $9.9175/bushel, down $0.2025 from yesterday's close. Mar 25 Soymeal closed at $308.6/short ton, down $11...

feed-grains soy-oilseeds wheat

Market Commentary: 2025 Brings Corrections for Overbought Futures

The CBOT started 2025 on a relatively strong note, but any hints of bullishness were largely erased on Friday. Ag markets across the board fell sharply on the second trading day of the new year with weak export data, South American weather, and changes on taxes on trading profits driving much o...

livestock

2025 Poultry Outlook

The poultry sector is poised for production growth in 2025, but price trends are expected to vary across products. Broiler growers in the U.S. placed 191 million chicks for meat production last week, which was up 4 percent from the last week of December 2023. Cumulative placements from the...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 25 Corn closed at $4.5075/bushel, down $0.0875 from yesterday's close. Mar 25 Wheat closed at $5.2925/bushel, down $0.165 from yesterday's close. Mar 25 Soybeans closed at $9.9175/bushel, down $0.2025 from yesterday's close. Mar 25 Soymeal closed at $308.6/short ton, down $11...

feed-grains soy-oilseeds wheat

Market Commentary: 2025 Brings Corrections for Overbought Futures

The CBOT started 2025 on a relatively strong note, but any hints of bullishness were largely erased on Friday. Ag markets across the board fell sharply on the second trading day of the new year with weak export data, South American weather, and changes on taxes on trading profits driving much o...

livestock

2025 Poultry Outlook

The poultry sector is poised for production growth in 2025, but price trends are expected to vary across products. Broiler growers in the U.S. placed 191 million chicks for meat production last week, which was up 4 percent from the last week of December 2023. Cumulative placements from the...

feed-grains soy-oilseeds wheat

Export Sales

Export Sales and Shipments for December 20-26, 2024 Wheat: Net sales of 140,600 metric tons (MT) for 2024/2025--a marketing-year low--were down 77 percent from the previous week and 68 percent from the prior 4-week average. Export shipments of 381,900 MT were up 2 percent from the previous...

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From WPI Consulting

Communicating importance of value-added products

Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.

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