When previously discussing what it might take to push the funds out of their record (or near-record) short positions in corn, wheat and soybean futures (see Ag Perspectives, 8 January) in advance of USDA’s January reports, the following potential factors were cited as possible triggers to drive prices higher or perhaps even keep them steady:
Funds might cover short positions, assuming there was no more bearish news. End users would take a similar view and extend coverage under the assumption that further downside, at least in corn and wheat, was probably limited. Weather in Brazil and Argentina would support markets.
No one expected that any of the USDA numbers would be bullish, let alone bullish enough to trigger significant...
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...
