For being mostly in the red and with seemingly little news in terms of fundamentals to push it around, today’s futures markets nonetheless had some unique developments:
Export sales were above expectations for corn, wheat, soymeal, and soyoil, but all these contracts lost money today.
Though the news is relatively light and there should be little reason to rush into or out of positions, there was above average volume in corn, soybeans, soyoil, HRS, live cattle, and feeder cattle.
China bought over 3 MMT of U.S. corn in three days and USDA seems destined to raise the export estimate, but corn lost over 2 percent of its value.
Lean hogs had below average volume but was the only contract to gain value on the day. ...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...