WHEAT: USDA made a light increase in U.S. 2022/2023 wheat production to 1,783 million bushels, up 2 million from last month. Reductions in winter wheat and Durum are more than offset by an increase in Other Spring Wheat. The all-wheat yield is 47.5 bushels per acre, up 0.2 bushels from last month. The projected 2022/23 season-average farm price is reduced $1.25 per bushel to $9.25. The global wheat supplies are raised by 4.2 million tons to 1,055.9 million as higher production more than offsets reduced beginning stocks. Production is increased to a record 779.6 million tons, primarily on higher production for Russia, Australia, and China. Russia’s production is raised 6.5 million tons to a r...
What You Need to Know Today: Funds remain in control of the market, which means broadly bearish trade for the ag sector. Monday’s massive corn export sale to Mexico helped trigger some short covering and a bit of other end-user buying in corn, which could help stabilize the market. Wheat...
With less than 24 hours until Election Day, control of the Senate remains a wild card. Republicans and Democrats alike say they are poised to win control of the chamber in the new Congress that starts in January 2027. The House of Representatives is more of a lost cause for continued Republican...
Key Takeaways: U.S. hog and pork prices have declined sharply, with December lean hog futures ending October at $58.875/cwt and the pork cutout reaching its lowest level since January 2021. Seasonal increases in hog slaughter and pork production have contributed to price weakness, although the...
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.