Crude oil was soaring today with gains of more than $2.00 a barrel, and that set the tone for everything else. However, corn couldn’t follow wheat or soybeans higher today until some late buying at the close. General Comments Crude oil was soaring today with gains of more than $2.00 a barrel, and that set the tone for everything else. The strength in crude was the result of perceptions that the world’s economic growth could be better than expected. There was also renewed optimism that some sort of production cap agreement will be reached at the Doha meeting on 17 April. U.S. equity markets followed crude oil higher with big gains early, but those turned into small gains by midday.Grain and oilseed markets were mixed overnight with soybean...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
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.