CBOT markets opened on the defensive with traders cautious ahead of the May WASDE. The market was expecting a bearish report and that pressured the soybean market early, despite USDA’s daily export sales wire that reported 136,000 MT of soybeans sold to China for delivery during 2019/20. The May WASDE was friendlier than expected by most analysts with USDA making modest adjustments to U.S. and world balance sheets. World corn, wheat, and soybean production are all expected to increase in 2020/21 and the theme of large supplies will be dominant during the coming marketing year. For now, however, USDA’s cautious adjustments to demand-side factors meant that 2019/20 and 2020/21 U.S. ending stocks are initially forecast below...
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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