Grain futures corrected lower during the overnight session after a steady/mixed start. Farmer selling was active yesterday which reduced some buyer enthusiasm in the overnight trading. Additionally, there was no substantial new news that traders could use to justify higher prices. Trading during the day session featured lower prices as overbought technical conditions gave way to selling pressure. During last night’s State of the Union address, President Trump continued his tough-on-trade stance, but with NAFA renegotiations lasting for several more months, this was not a prominent factor in today’s selloff. The market simply needed a day to cool off and reassess. Outside markets are mixed today with the Dow taking...
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...
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