The rally in ag commodities faltered somewhat today as lower cash soymeal prices and a warming trend in the Black Sea pressured the soy complex and wheat markets, respectively. Corn managed to work its way higher in modest trade ahead of Thursday’s USDA report. Presently, U.S. stock indexes are flat with the Dow up 2.74 points and the S&P 500 up 4.99. The CBOE VIX is down 39 points while the U.S. Dollar Index is down a similar amount at 89.603. COMEX gold is up $16/ounce as investors seek refuge from the recent stock market volatility. WTI crude oil is flat while Brent is up 20 cents/barrel. Corn May corn finished a penny higher as improving ethanol margins (with futures over $1.50 on the back of higher energy compl...
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...
From WPI Consulting
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