A rally in crude oil and rumors of Chinese crushers needing to book soybeans and soyoil helped the CBOT open firmer. Corn and soybeans traded higher for the day while wheat continued to post losses as traders bear spread that commodity against corn and soybeans. Soyoil/soymeal bear spread were also a theme of today’s trade. Volumes at the CBOT were light as funds appear to be more interested in trading the crude oil/equity rally than the bear market in ags. Farmers made solid progress planting spring crops last week, despite unfavorable weather this weekend. The corn and soybean crops are ahead of schedule while cold, rainy weather across the northwestern U.S. hampers spring wheat planting.
The weekly Export Inspection...
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...
