China’s corn carryover has been a mystery for many years and is ongoing due to Beijing viewing such information as protected by national security. Nonetheless, USDA, FAO, IGC and others make their guestimates of the bottom line. The FAO, which usually weighs more heavily than USDA the submitted data from UN members recently reduced its estimate of Chinese corn ending stocks by more than 50 MMT. It said the move was justified based on sharply higher Chinese imports and a domestic price substantially higher than world levels. USDA was not as aggressive in making reductions. Historically, the FAO has estimated global coarse grain stocks about 13.6 percent larger than does USDA. The UN agency has reduced stock estimates for 2020/21...
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.