The CBOT traded a rather uninspiring day to end the week, with corn and the soy complex largely chopping sideways. Wheat traded a mixed day early with the lack of USDA confirmation of wheat sales to China weighing on early market action. Technical buying firmed the wheat market heading into the close, however, as bullish chart conditions kept bears sidelined. The Pro Farmer tour posted its state-wide average yield estimate for Iowa this morning, which came in at 177.8 BPA. The reduction was expected due to drought in the western part of the state and hurricane force winds last week. The yield will be Iowa’s lowest, if realized, since 2014. The tour also announced the Minnesota corn yield at 195.1 BPA, which would be a record hi...
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.