Yesterday’s post-report rally continued in overnight trading with grains and the soy complex all posting gains. That same pattern continued again during the day session with strength across the board until one market gave back most or all of its gains. General Comments Once again, it is all about weather. As the saying goes, everyone talks about weather, but no one does anything about it. In this case, that is not precisely true. Fund managers are doing something about the heat wave that is forecast to develop next week. They are beefing up their long positions in soybeans, soymeal and corn, buying back some of what they liquidated last week, in order to position themselves for any threat to crop yields and production.The next five days w...
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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...