Corn has become a follower of the weakness in the soy complex. The situation with the prohibited GM corn variety in China is still unresolved, and there are conflicting reports of just how many cargoes are involved. General Comments Markets were weak overnight and this morning following yesterday's very weak closes. No one is certain why the funds decided to become aggressive sellers yesterday, but talk in the market centered on this month's usual suspects:
Concerns that China will not execute on all of the U.S. soybean purchases it has on the books No weather worries in Brazil or Argentina
The technical pattern created by this week's declines in corn, wheat and soybeans also undoubtedly brought more long liquidation and short sell...
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...
