Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Friday Shorts
Non-Meat: In a first, a Europe-based company has sought EU approval to market lab-grown meat, in this case fake foie gras. Some member states have already banned such products. While lab-grown meat remains expensive, and plant-based meat substitutes have faced declining popularity, the increase...
Cocoa: Will the Challenges of 2023 Continue into 2024?
Recently, WPI has received requests from a few clients to provide some analysis on the cocoa market. Clearly, there is a reason for this request as cocoa prices have been exceptionally volatile and futures more than doubled over the nine months from August 2023 through April 2024. I...
June Cold Storage Report
June 2024 total red meat and poultry stocks were up slightly from May but 5.4 percent below June 2023 levels due to sharp declines in poultry and pork stocks. Total poultry stocks were down 7.8 percent year-over-year (YoY) due to reductions in broiler slaughter for the month. Total pork stocks...
Interactive Ocean Freight Rates (Updated 26 July)
Ocean Freight Comments - 26 July 2024 By Matt Herrington Dry bulk markets saw another week of fairly dull trade with demand becoming more balanced against vessel availability. There has been fresh business from South America’s East Coast as well as the Black Sea that have helped take some...
FOB Prices and Freight Rate App (Updated 26 July)
Ocean Freight Comments - 26 July 2024 By Matt Herrington Dry bulk markets saw another week of fairly dull trade with demand becoming more balanced against vessel availability. There has been fresh business from South America’s East Coast as well as the Black Sea that have helped take some...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Oilseed Highlights: Good Exports and a Weather Premium
The Market The soy complex is on something of a rebound this week. A weather premium is finally being added as the outlook is hot and dry for August when plants in the U.S. Midwest are trying to set pods. U.S. new crop soybean export sales were impressive last week, and the combination has spar...
Livestock Roundup: Dairy Overview
As of 24 July, there have been 170 cases of HPAI in dairy herds across 13 States with the last being 22 July, in Colorado. The first confirmed case was 25 March Texas. In response to the outbreak, USDA has maintained mandatory testing requirements for lactating dairy cows prior to interstate m...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Trump versus Harris Trade Policy; Africa Shines; Trade and the Environment
Trump versus Harris Trade Policy While trade policy analysts assess the future of their vocation under either a Trump or Harris presidency, there is not a lot of uncertainty. Mr. Trump has already advertised his intentions to raise tariffs. He views the U.S. trade deficit as the barometer of ho...
Decline in U.S. Flour Trade
The International Grains Council recently increased its forecast for global flour trade by 11 percent to 16.1 MMT, though that would still be a decline of 4 percent from 2023/24. Turkey dominates the global trade in flour, with some saying it does so in an unfair manner. Kazakhstan is the other...
Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Friday Shorts
Non-Meat: In a first, a Europe-based company has sought EU approval to market lab-grown meat, in this case fake foie gras. Some member states have already banned such products. While lab-grown meat remains expensive, and plant-based meat substitutes have faced declining popularity, the increase...
Cocoa: Will the Challenges of 2023 Continue into 2024?
Recently, WPI has received requests from a few clients to provide some analysis on the cocoa market. Clearly, there is a reason for this request as cocoa prices have been exceptionally volatile and futures more than doubled over the nine months from August 2023 through April 2024. I...
June Cold Storage Report
June 2024 total red meat and poultry stocks were up slightly from May but 5.4 percent below June 2023 levels due to sharp declines in poultry and pork stocks. Total poultry stocks were down 7.8 percent year-over-year (YoY) due to reductions in broiler slaughter for the month. Total pork stocks...
Interactive Ocean Freight Rates (Updated 26 July)
Ocean Freight Comments - 26 July 2024 By Matt Herrington Dry bulk markets saw another week of fairly dull trade with demand becoming more balanced against vessel availability. There has been fresh business from South America’s East Coast as well as the Black Sea that have helped take some...
FOB Prices and Freight Rate App (Updated 26 July)
Ocean Freight Comments - 26 July 2024 By Matt Herrington Dry bulk markets saw another week of fairly dull trade with demand becoming more balanced against vessel availability. There has been fresh business from South America’s East Coast as well as the Black Sea that have helped take some...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Oilseed Highlights: Good Exports and a Weather Premium
The Market The soy complex is on something of a rebound this week. A weather premium is finally being added as the outlook is hot and dry for August when plants in the U.S. Midwest are trying to set pods. U.S. new crop soybean export sales were impressive last week, and the combination has spar...
Livestock Roundup: Dairy Overview
As of 24 July, there have been 170 cases of HPAI in dairy herds across 13 States with the last being 22 July, in Colorado. The first confirmed case was 25 March Texas. In response to the outbreak, USDA has maintained mandatory testing requirements for lactating dairy cows prior to interstate m...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Trump versus Harris Trade Policy; Africa Shines; Trade and the Environment
Trump versus Harris Trade Policy While trade policy analysts assess the future of their vocation under either a Trump or Harris presidency, there is not a lot of uncertainty. Mr. Trump has already advertised his intentions to raise tariffs. He views the U.S. trade deficit as the barometer of ho...
Decline in U.S. Flour Trade
The International Grains Council recently increased its forecast for global flour trade by 11 percent to 16.1 MMT, though that would still be a decline of 4 percent from 2023/24. Turkey dominates the global trade in flour, with some saying it does so in an unfair manner. Kazakhstan is the other...