Early pattern recognition on the CBOT today ahead of tomorrow’s August WASDE report - bottom line no drama. Volume was slack, except in lean hogs, and trading ranges were muted. December corn had a trading range of 4.75 cents, which is to say it is settled science. Except for Monday, overall trading these past five days can be called muted.
Reinforcing the market calm are private estimates ahead of tomorrow’s USDA WASDE report. They are unremarkable. A recap of the modest expectations as noted by Matt Herrington yesterday:
A 2-bushel (-1.1 percent) reduction in corn yield, -1.2 percent in production, and 3.6 percent fewer bushels in ending stocks.
A 1.5 percent cut in soybean yields, a 1.4 percent reduction in...
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...
