Soybeans added almost 59 cents/bushel this week and closed back above $17/bushel indicating demand remains strong even as carryover is predicted to rise. Soyoil gained 1.4 cents today to close at 80.95 cents/pound despite Indonesia reopening palm oil sales on Monday. Jakarta was pressured by demands from farmers and workers but will retain a domestic quota for output. There has also been an uptick in Ukraine’s sunflower seed and oil exports with 20,882 MT of sunoil exported last week and 61,932 MT month to date. However, that is still 10 percent lower than a year ago. China’s vegetable oil consumption fell statistically, with China’s National Grain and Oils Information Center (CNGOIC) saying the drop was due to COVI...
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.