We have been arguing for a few months that world wheat production estimates for a 700-plus MMT world wheat crop are too large. USDA did trim its production estimate slightly in its June WASDE, from 701 MMT to 696 MMT, but we think that is still too large by as much as 15-20 MMT. The table below is our latest world wheat outlook.The changes we made relative to June's USDA estimate are as follows. U.S. Hard red winter wheat (HRW) was pegged by USDA at 781 million bushels (21.25 MMT). The results in Texas and Oklahoma have been very disappointing, and we think that pattern will continue as the harvest moves northward over the next couple of weeks. Our opinion today is that HRW production will drop to 725-735 million bushels (about 20 MMT)...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
From WPI Consulting
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.