It was a unique trading day amidst the caution surrounding the lack of fresh influences. Unique in that trading ranges for corn and soybeans were unusually small. Soybeans average approximately 50-cent daily swings, but the November contract only saw a 13.5 cent trading range today. December corn started the day with a 3.25 cent loss and then hovered around zero all session. Trading volumes were below the week’s average for everything except Euronext wheat where there was a scramble to address a tighter supply and quality concerns.
However, the larger anomaly was the 21.5 cent gain in September soybeans and 1.5 cent gain in September corn as the deferred contracts otherwise all took losses. In essence, old crop supplies are perhaps...
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...