THE OPEN November beans: 5 3/4 higher December meal: 1.90 higher December soyoil: 23 higher December corn: 2 3/4 higher December wheat: 3 3/4 higher The markets opened as expected with further gains in oilshare and profit-taking in wheat. Buy corn/sell wheat and buy soyoil/sell meal spread trade dominated all day. There was no doubt macro-spillover as outside markets opened strongly on higher Chinese stock markets as well as further advances in the treatment of Covid-19. Position-evening was also noted for much of the day, as funds covered in more short positions and took profits on a higher bean market. Cleaning up of September positions was also a mechanical trade as...
What You Need to Know Today: China’s state-run COFCO, in statements on Tuesday, implied that U.S. corn exports were currently uneconomical but hinted that the Middle Kingdom would import 3.5 MMT of the feed grain this year, with 1 MMT likely sourced from the U.S. Another drone attack has...
Tanker-tracking data shows a smaller recovery in oil flowing through the Strait of Hormuz than previously thought. Energy Secretary Chris Wright, speaking by video to an international energy conference in Riyadh, Saudi Arabia, said that oil moving through the strait was back to 80 to 90 percent...
Key Takeaways: While soybean, palm, sunflower, and rapeseed oils dominate global vegetable oil markets, premium oils such as olive, avocado, coconut, and sesame command substantially higher prices due to their distinctive flavors, nutritional characteristics, and specialized culinary uses.. Ol...
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.