CBOT markets were mostly quiet and weaker overnight heading into the June WASDE report from USDA. The report was generally in-line with expectations, which left the markets to generally drift lower after its release. Notably, soybean futures posted larger declines than other markets, due to weakness in soyoil, while KCBT wheat futures pushed slightly higher in two-sided trade. Funds were net sellers across the board on Friday with the WASDE offering little incentive to expand bullish long positions before the weekend. The general trend for the June WASDE was larger ending stocks for corn and soybeans with essentially steady wheat carry-out. USDA increased both the U.S. and Ukrainian corn ending stocks estimates, based largely on high...
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.
What You Need to Know Today: U.S. launches naval escort operations in the Strait of Hormuz as Iran attacks UAE oil infrastructure, escalating geopolitical risk and supporting energy and broader commodity markets Biofuel demand entering uncharted territory, with soyoil valuation increasingly di...
The Middle East is said to be undergoing a transformation as economic priorities transcend security concerns. This is evidenced by diversification away from oil and the UAE’s departure from OPEC. Meanwhile, the Palestine issue has been deprioritized, and Iran has emerged as more destabili...
All eyes are shifting to the Senate following the House passage of a farm bill last Thursday. Senate Agriculture Committee Chair John Boozman (R-Arkansas) is targeting the end of May or early June for a bill markup. According to Boozman, the House “going ahead and passing something was re...