USDA reduced their estimate for U.S. soybean ending stocks to 245 million bushels, down 55 million from last month. The first survey-based soybean yield forecast of 50.9 bushels per acre is reduced 1.1 bushels from last month. The U.S. season-average soybean price for 2023/24 is forecast at $12.70 per bushel, up $0.30 from last month. The soybean meal price is forecast at $380 per short ton, up 5 dollars. The soybean oil price forecast is 62 cents per pound, up 2 cents. Global soybean exports are reduced 0.5 million tons to 168.8 million on lower U.S. exports, but the 2023/24 foreign oilseed supply estimate is for higher ending stocks: Foreign oilseed production is nearly unchanged at 539.7 million tons as higher sunflower and peanut...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
From WPI Consulting
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.