The CBOT was higher overnight with continued worries about world wheat supplies and weather driving the markets. Wheat futures continued their upside run in early day trading and posted new contract highs before profit taking pushed the market lower and formed technical reversals on the charts. Corn followed the wheat market and scored a new rally high before ending slightly lower. Notably, March corn failed to hold its rally above $5.90 and closed below that level. The market has not been able to sustain a close above $5.90 since 2 July – one day before the market gapped 26 cents lower at the opening bell. The soy complex was mixed with technical selling and liquidation trade pushing soymeal lower while soyoil rallied and pulled back...
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.