USDA made minor revisions to domestic wheat use and ending stocks. Wheat exports are unchanged at 775 million tons with offsetting by-class changes. Projected 2022/23 ending stocks are raised 1 million bushels to 568 million and the 2022/23 season-average farm price is forecast $0.10 per bushel lower at $9.00. The global wheat supplies are raised 2.4 million tons to 1,060.5 million, primarily on higher production for Australia and Russia. However, ending stocks remain the lowest since 2016/17. ...
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.