Funds have entered the New Year holding record-large short positions in corn and wheat futures, and they have also turned their long soybean position into a modest short one. Reportedly, they added to all those short positions again today in advance of Friday’s USDA reports. It would seem that farmers are about the only group left to sell these markets, but that is not unusual in January and February. They remain optimistic that prices are already too cheap and won’t go much lower in the short term. The bigger question is, when will the funds decide enough is enough and reverse their positions or at least start to reduce the size of their record-short positions in corn and wheat? That isn’t very likely before the USDA rep...
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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