USDA Boosts U.S. Soybean Production and Usage To no one's surprise, USDA today raised its forecast for U.S. soybean yields, production and consumption in 2012. What was a bit surprising was USDA raising its estimate for average U.S. soybean yields from 35.3 bushels per acre (2.37 MT/hectare) to 37.8 bushels per acre (2.54 MT/hectare). The average estimate of analysts surveyed by Reuters was for an average yield of 37.006 bushels per acre (2.49 MT/hectare). The increase in the average yield combined with an increase in the estimate of harvested area from 74.6 million acres to 75.7 million acres resulted in USDA raising its forecast for soybean production by 8.6 percent from 2.634 million bushels (71.69 MMT) to 2.86 billion bushels (77.84...
What You Need to Know Today: U.S. weather is getting more attention this week as conditions vary greatly across the western, central, and eastern corn belts, with the different regions battling dryness and too much rain simultaneously. The ProFarmer Crop Tour began today in Indiana and Nebrask...
Key Takeaways: Argentina is on pace for a record corn crop and record exports in the current marketing year, with abundant supplies likely to keep the country highly competitive in global export markets. Argentina’s record exportable surplus is allowing it to offer highly competitive pri...
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.