CBOT futures started the overnight session on a mixed note but turned lower as the night wore on. The opening bell brought with it aggressive selling in soybeans and soymeal. That pressure, however, did not last and soybeans finished with solid gains while soymeal settled just slightly lower. Corn finished the day slightly higher as the afternoon soybean strength overcame weakness in wheat futures. The CBOT’s primary focus presently is the U.S. weather forecast, which remains benign. Long-term forecast models suggest limited heat through July and average or better precipitation. Of course, it is too early to accurately predict mid-July daily highs that could stress corn during pollination, so some weather risk remains. Overall,...
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.
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...