Corn and wheat rallies are likely over, while soybean futures may have more potential. Traders are watching fall hog supplies with suspicion, and the Cattle on Feed report’s effects are still dogging the cattle market. General Comments The soy complex was the winner of the overnight session. USDA’s crop condition ratings that pegged the soybean crop as worse than expected sent September soybeans 7.25 cents higher by the end of the overnight session. Soyoil and soymeal were pulled higher too, gaining $0.22 cents/pound and $2.40/ST, respectively.CBOT’s grain contracts did not fare so favorably last night. December corn closed 2.75 cents lower, while Chicago SRW wheat and KC HRW wheat fell 3.5 cents and 4 cents, respectively. MGEX HRS wheat,...
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...
Illuminating the value of technical research
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