Wheat prices are now back to the level that the world’s buyers should seriously consider adding to their volume of inventories and long-term coverage. However, there are the beginnings of a few weather issues that could start to put a bottom in the wheat markets.Wheat futures prices have slumped again and lost 45 cents a bushel ($16.50/MT) since their last high was achieved on 7 October. The Chicago December contract established its low point at $4.63 on 4 September. We are now back to within 20 cents a bushel to the lows set in late June 2010. The price collapse ended very quickly when the late season drought in Russia forced the country to suspend wheat exports. That boosted Chicago wheat futures prices from $4.55 to $8.41 a bushel in les...
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...
Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.