The CBOT opened on a defensive note Tuesday with generally favorable/steady crop conditions ratings for key corn/soy producing states reducing the need for a weather premium. Corn and soybeans walked back to test key support points, which is often typical after a sharp rally. The wheat market posted small gains as both SRW and HRW try to stabilize near recent lows. Funds were net sellers in soybeans while remaining neutral corn/wheat for the day. Fundamental news remains light and USDA did not report any new daily export sales. France’s Ag Ministry cut the country’s wheat production forecast to 31.3 MMT, which would be a decade low. The U.N. projected 2020 global per-capita meat consumption will fall 3 percent due to the...
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.