Grain and oilseed markets were mixed/lower today with wheat futures crumbling, corn posting new contract lows, and soybeans unable to establish market direction. Hog prices continued their rapid liquidation amid supply fears while the bullish case for cattle futures grows. U.S. stock indexes are higher along with the dollar and crude oil. COMEX gold futures are down in an apparent “risk on” move by the market.
Corn December corn futures headed lower and marked a new contract low at $3.57/bushel today. Improving (i.e., cooler) Midwest weather and good crop conditions are keeping bulls on their heels presently. The contract is trying to fund support somewhere north of $3.50/bushel, but prior support points keep fa...
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...
