USDA did not make a single change to the U.S. wheat supply and demand numbers. It did, however, adjust production estimates for India, Kazakhstan, Australia, Canada and China.The biggest surprises in today’s USDA series of reports both came in soybeans. The soybean yield was raised as expected, but the estimate was larger than anticipated at 50.6 bushels/acre versus the trade guess of 49.2 bushels/acre. The second surprise was that USDA boosted the old crop soybean export forecast by 60 million bushels. That lowered old crop ending supplies to a scant 195 million bushels and, in turn, cut into the increase in new crop ending supplies. USDA also boosted new crop export demand by 35 million bushels. 2016/17 soybean ending supplies are n...
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
Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.