Having dropped more than 50 cents from recent highs, the wheat market is sending bearish technical momentum signals that seem likely to continue. The corn market appears poised to do the same, and the soybean market may join in as well in the foreseeable future. General Comments Outside markets generally were weaker. Stocks slipped lower with the Dow off 55 points. However, with two trading days left, U.S. stocks appear certain to post another nice gain in 2014. Currently, the S&P is up 12.6 percent and the Dow is up 8.5 percent for the year. The U.S. Dollar Index is slightly lower. NYMEX crude oil fell below $53.00 but recovered enough to close with little change.Overnight trade in grain futures saw prices for corn and wheat slip low...
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.