With yesterday’s trade showing reversal signals in soybeans and soymeal, the CBOT was called to open higher this morning, which is largely what happened. Short covering developed in corn and soyoil while soybeans found less-than-expected follow through buying from yesterday’s reversal. The wheat market ground lower with fresh bullish news being hard to find. Funds are thought to have bought some 7,500 contracts of corn, 2,000 contracts of soybeans, and 2,500 contracts of wheat. Funds remain notably absent from the livestock markets. USDA’s monthly Cold Storage report did not show a dramatic drawdown in meat and poultry stocks after Americans stocked up on groceries amid COVID-19 quarantine and stay-at-home orders. T...
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
Accountability and a comprehensive approach to export programming
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