Last year at this time, the red hot cash market and record high basis bids led the soy futures market to high prices and a wide old/new crop inverse. This year the reality of a relaxed cash market is dragging soy futures prices and the old/new inverse lower. General Comments There are now 11 trading days left before the first intentions day for deliveries against July grain and soy futures contracts, and there remains a sizeable open interest in each. Open interest in July contracts rounded to the nearest 1,000 as of yesterday's closes:July SRW: 147,000HRW: 39,000Corn: 373,000Soybeans: 164,000Soymeal: 111,000Soyoil: 119,000With the hammering that July soybeans and July meal took today, we suspect that a chunk of open interest was taken ou...
Key Takeaways: Milk alone has not covered the full economic cost in any year since 2021: milk revenue fell short by $4.50, $2.15, $6.50, $1.27 and $2.34 per hundredweight in 2021 through 2025. Calf and cattle prices decided whether dairies cleared cost: cattle and other income lifted total rev...
Key Takeaways: Dry bulk markets are mixed with Capesize rates seeing solid gains while Panamax values slipped on a growing tonnage list. Supramax and Handysize vessels were stronger, though all sectors remain vulnerable to the seasonal dip in rates through Q4 and into Q1. Falling water l...
What You Need to Know Today: The Federal Reserve held interest rates steady at 3.75 to 4.0 percent Wednesday, with two officials dissenting in favor of a 25-basis-point increase. The Fed upgraded its assessment of economic growth from "solid" to "strong" but adopted a more patient approa...
From WPI Consulting
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.