Last week, WPI published our mid-July outlook for a few – in our view – likely scenarios for the U.S. 2023/24 soybean balance sheet. To add to that effort, this article discusses our outlook for the U.S. 2023/24 corn balance sheet in the context of low/high yields and steady/weaker U.S. dollar levels. Yield Expectations As WPI frequently notes, early-season crop condition ratings have little correlation with final yields and, for corn, it is the July and August ratings that have the highest (but still imperfect) impact on yields. More importantly, heat and precipitation during pollination is highly influential with high temperatures – especially when sustained overnight – having significant negative imp...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.