GOOD MORNING, Prices started mixed overnight, but mostly on the defensive led by beans and soyoil futures. This morning we are seeing another round of end-of-week profit-taking with bean, meal, and wheat prices all at four-week lows. Bean basis continues to go lower as bids move to November futures. The slow-down for April crush and basis weakness are resulting in lower trade, as is a correction in global vegoils. The market is now pricing in better weather, higher acreage, and potential larger supplies, vs. robust demand and firm cash. For the grains, the corn basis remains firm. Corn should remain firm on pullbacks despite lower trading ranges, and would continue to cover shorts or find places to own...
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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...