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: U.S. weather is getting more attention this week as conditions vary greatly across the western, central, and eastern corn belts, with the different regions battling dryness and too much rain simultaneously. The ProFarmer Crop Tour began today in Indiana and Nebrask...
Key Takeaways: Argentina is on pace for a record corn crop and record exports in the current marketing year, with abundant supplies likely to keep the country highly competitive in global export markets. Argentina’s record exportable surplus is allowing it to offer highly competitive pri...
From WPI Consulting
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.