Milling Wheat The Black Sea market was weaker last week due to the approaching harvest and pressure on the futures markets in the EU and U.S. The weather in Russia and Ukraine was not favorable for wheat development as the drought persisted in major production areas. The average estimate for the Russian crop is about 70 MMT versus 86 MMT last year, and such a production decrease would reduce the export surplus by about 10 MMT. Meanwhile, Ukraine’s export surplus is expected to be around 2 MMT lower than last year. Russian and Ukrainian origins are presently much more competitive versus the rest of the world. With the current price structure, 2018/19 export demand for Russian wheat will be similar to last year’s demand of about...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
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.