Milling Wheat The Black Sea market was firmer last week as it followed the trend of EU and U.S. markets. Russia’s export pace has slowed to about 300 KMT per week. As a result, it will export about 4 MMT in the last quarter of the campaign for an approximate total of 34 MMT, which is far below USDA’s estimate of 37 MMT. The weather in Ukraine and southern Russia remains generally favorable for wheat development with normal seasonal temperatures, frequent precipitation and adequate soil moisture. The 2019 crop is estimated at 75-80 MMT in Russia and 26 MMT in Ukraine versus 72 MMT and 24.5 MMT, respectively, in 2018. Those estimates are very preliminary as the wheat is just entering the most critical period of development. The...
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.