Markets were mixed overnight and today. Volume was very light for corn and soybeans but better than average for Chicago wheat. The markets actually traded better than expected after yesterday’s late break from strong early day trade. Funds were light sellers of corn and wheat while buyers of soybeans. There was some news overnight and today, including the following:
USDA announced export sales of 270,000 MT of corn and 154,000 MT of soybeans to “unknown.” The International Grains Council (IGC) reduced its world wheat production estimate by 16 MMT. Most of the cut was for the EU. French consultancy group ODA has dropped EU soft wheat production to 125 MMT, and that is significant. The U.S. second quarter gross d...
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...
