GOOD MORNING, Happy Veteran's Day, and thank you for your service. The November report, typically a quiet data set, offered up a few surprises that not only validated fund long positions but sent prices higher for everything but wheat. Given tighter balance sheets, SA weather and demand are critical to price. Funds were big buyers yesterday of around 30K corn contracts and 30K beans. Beans:
No increase in the export forecast Ending stocks lowered to 190 million bushels A very tight stocks-to-use ratio of 4.2%, which supports prices Argentine production down 2.5 mmt
Corn:
Disappearance raised by 250 million bushels Exports raised 325 mln bu to 2.650 bln bu Chinese corn imports raised...
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...