Wheat was the upside leader at the CBOT on Wednesday, with crop tour yield results coming in below expectations. Minneapolis wheat futures were up 25 cents for the day and the Chicago and Kansas City markets followed that market to further gains. Soyoil was higher despite weaker palm oil prices as that market remains in a technically strong position. Soybeans and corn were slightly firmer on yet-unconfirmed rumors of Chinese buying. All in all, however, the CBOT stuck to existing trading ranges as the U.S. summer weather improves along with corn and soybean yield potential. At least two sources are forecasting large Chinese corn imports for MY 2021/22. China’s National Grain and Oilseed Information Center (CNGOIC) said it proje...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
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.