World Perspectives

Food Service Sales Lag Broader Economic Recovery

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increased 7.5 percent from the prior month and marked a 1.1 percent increase from June 2019. Conversely, food service sales increased 20 percent from May as states eased lockdown requirements and vacationing started over Memorial Day weekend. However, food service sales are still down 26 percent from June 2019. Grocery store sales fell 1.5 percent from May as consumer stockpiling eased and high meat prices curtailed consumption but remained 11.6 percent above year-ago levels. Relevant for WPI clients is the implication that meat packers will continue to focus on producing products for the gro...

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Summary of Futures

Dec 20 Corn closed at $3.38/bushel, up $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5/bushel, down $0.0375 from yesterday's close.  Nov 20 Soybeans closed at $8.9875/bushel, up $0.095 from yesterday's close.  Dec 20 Soymeal closed at $298.5/short ton, up $0.3 from yes...

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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.

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