The excitement at the CBOT/CME today was in the livestock markets and wheat, with subdued action elsewhere. Buy grains/sell the soy complex was a major feature of the day’s trading with soybeans, soymeal, and soyoil all falling lower. MGEX wheat, the recent start of the wheat market spent most of the day trading lower except for a late-day rally that pulled it into the green. The latest CFTC report once again found funds net short corn and soybeans, though having pared back those shorts slightly. Funds are adding to soyoil longs (at least they were through Tuesday) but maintain a sizeable short across the entire soy complex. Funds were net sellers of SRW wheat while buying MGEX wheat, though that dynamic probably re...
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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