Corn and wheat futures maintained their winning ways today on more wet weather across the Corn Belt. 1-2 inches of rainfall were common across Iowa today, and there is a great deal of heavy rain in the five-day forecast. NOAA released its updated long-lead forecasts, which show June and July will continue to have above-normal moisture and below-normal temperatures. A month ago, the same outlooks appeared drier. Sunday’s rainfall recaps and extended forecasts will set the tone for next week’s markets. Obviously, Monday’s weekly crop progress numbers will be very important. The market will also evaluate today’s Commitment of Traders report to see how much the funds reduced their short positions this week. U.S. equity...
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.