Poor technical performance and a proclivity towards profit taking on Fridays capped an early CBOT rally. The markets traded higher overnight with worrisome Brazilian weather forecasts pushing January soybeans near the $12.00 mark. Weaker palm oil futures weighed on the soyoil market and profit taking developed as the December contract passed 39.25. The turn lower in soyoil sparked profit taking in soybeans and corn, though the latter commodity found strong scale-down commercial pricing. Except for the hook reversal in soyoil, today’s price action did little to change the overall direction for the major CBOT commodities. Funds are thought to have been modest net buyers of corn and soybeans while adding some 3,500 contracts of wh...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
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.