The October WASDE was surprisingly bullish soybeans, which jumped 26.75 cents higher, and neutral/bearish corn. Wheat of course received another bearish report. General Comments: The waiting is finally over! Today’s WASDE report brings certainty to the market on the supply side, and traders can now focus on detailed examination of grain demand. Briefly, the WASDE was surprisingly bullish soybeans while neutral/bearish corn and wheat. The overnight session featured very muted trade ahead of today’s USDA report. Soybeans were the most active grain futures contract and traded a 5.5 cent range before finishing 2.5 cents higher on 11,500 contracts traded. Corn futures held to a very narrow 1.25 cent trading range and finished flat...
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.