Russian Grain Markets: 2–5 July 2024 Russian grain markets remained unmistakably bearish under pressure of high carryover and optimistic new crop forecasts. New crop is already arriving at inland elevators and even port terminals. Feed wheat lost $10/MT on a week which is a good indicator. Farmers are dumping feed wheat as they are afraid that new crop will bring prices down even further. Although this season’s Russian grain crop is going to be modest compared to several record years, the crop will still generate a massive exportable surplus for Russia. At the end of the season, Russia has lost some major international tenders and there is no doubt the government will do everything possible to secure Russia’s posit...
What You Need to Know Today: The cattle market rebounded sharply this week, with January feeder cattle futures gaining $16.98/cwt and February live cattle futures advancing $7.60/cwt since last Friday. Tyson Foods' plans to restore a second processing shift at its Amarillo, Texas, facili...
Key Takeaways: The rationale for farm programs has changed significantly from their original intentions. Farmers’ incomes have grown sharply and have surpassed non-farm incomes beginning in the 1970s. Current farm programs are complex and focus on supporting risk management, environmenta...
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.