The corn and soy markets were buoyed by the sharply falling U.S. dollar and fund buying, but much less so than wheat. Soymeal and oil were also slightly firmer. General Comments It was just yesterday that we highlighted the very large short position in ag commodities that managed funds had accumulated, and we suggested that the sheer size of their short would be the most likely cause of a market rally in the short term if/when funds were compelled to make a major short covering effort. Little did we know that such an effort was only hours away. We were also remiss in not noting the risks from large speculative long positions in the USD as the U.S. Dollar Index climbed above 100 points. These factors all came to a head when to the surprise...
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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Accountability and a comprehensive approach to export programming
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