Corn and wheat markets were lower overnight with soybeans and soymeal trading higher, and that pattern didn’t change today. Soybean futures were very strong during the day session, trading 20-22 cents higher in the old crop and 15 cents higher in the new crop before closing with slightly lower gains. Corn didn’t stray far from home and finished basically steady. Wheat markets were lower, led by weakness in the Kansas City market. The primary bullish soybean story was optimism that this week’s meetings between the U.S. and China might yield some beneficial results. There were also three vessels of soybeans loaded out to China last week, according to today’s weekly export inspections report. The corn market was a toss...
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.