World Perspectives
livestock

USDA Reports: Protein Production Recovery, Global Trade Decline

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler production estimate for 2020 was bumped up to be 0.05 percent greater than 2019. This month it is projected to be 1.7 percent ahead of last year, with a reduction in beef more than offset by pork and broilers, though broiler production is down the most from the pre-COVID March estimates.  Forecast end-of-year average live animal prices are very bearish.  Pork exports are a safety net for hogs. China is still in the market and buying whole/half carcasses and bone-in hams that don’t take as much labor in the packing plant which helps relieve some back log. Mexico, the...

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Summary of Futures

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Market Commentary: Grains Fall on Weather, Weak Technicals; Livestock Markets Digest New Data

The CBOT pulled back again on Friday with weak technical conditions in corn and soybeans contributing to early declines. U.S. weather forecasts are mostly hot and dry still, but recent European model runs show greater precipitation for the central U.S. That put a bearish bias in the CBOT today...

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CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 21 Corn closed at $5.43/bushel, down $0.1825 from yesterday's close.  Sep 21 Wheat closed at $6.84/bushel, down $0.0825 from yesterday's close.  Nov 21 Soybeans closed at $13.5175/bushel, down $0.105 from yesterday's close.  Dec 21 Soymeal closed at $356.2/short ton, down $9...

feed-grains soy-oilseeds wheat

Market Commentary: Grains Fall on Weather, Weak Technicals; Livestock Markets Digest New Data

The CBOT pulled back again on Friday with weak technical conditions in corn and soybeans contributing to early declines. U.S. weather forecasts are mostly hot and dry still, but recent European model runs show greater precipitation for the central U.S. That put a bearish bias in the CBOT today...

wheat livestock soy-oilseeds

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

livestock

Cattle Supply Continuing to Contract in Line with Expectations

USDA’s semi-annual Cattle Inventory report was released this afternoon. All cattle and calves in the United States on 1 July totaled 101 million head, 99 percent of July 2020 – in line with pre-report expectations. Of that inventory, all cows and heifers that have calved totaled 40...

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Illuminating the value of technical research

On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.

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