Many analysts were expecting smaller harvested acres of corn and soybeans. We received the opposite today with an increase in both of those as well as a surprise in the production numbers.Today's series of USDA reports sent some very mixed signals to the markets. The corn numbers were generally considered at least somewhat friendly because ending supplies were reduced. Soybeans were thought to be negative as USDA left U.S. ending supplies unchanged but increased Brazil's production estimate from 94 to 95.5 MMT and raised world soybean ending supplies. The wheat numbers were neutral to slightly friendly. U.S. ending supplies were increased 33 million bushels, but U.S. winter wheat plantings were far less than expected for both hard red winte...
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.