The soybean market staged a late session rally that caught the market by surprise. Its sudden reversal was strong enough to pull corn along with it and even push Chicago and MGE wheat to close with small gains. General Comments Overnight trade saw lower prices develop for corn, wheat and the soy complex, thanks to Argentina’s peso devaluation and the U.S. dollar’s delayed but strong rally in response to the Fed’s interest rate increase. Losses sharpened early in the day session as disappointing weekly export sales volumes underlined the poor demand outlook for U.S. grains, soybeans and products. At their session lows, wheat futures were down about 11 cents. Corn was off 7-8 cents, and soybeans were down 8-9 cents.In fact, today’s markets...
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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