Monday evening’s crop conditions supported CBOT trade on Tuesday, and the market opened higher overnight and added gains from there. Wheat was an early leader but pared gains by the closing bell while corn and soybeans held their gains, albeit while trading inside days on their charts. The index fund roll finished its second day Tuesday, and the bearish effects were far less pronounced than on Monday. Managed money funds were modest net buyers in corn, soybeans, and wheat with the dry U.S. and Brazilian weather forecasts offering fundamental justification. Overall, however, trading action was somewhat muted as the market looks forward to Thursday’s WASDE report. Analysts’ expectations for the June WASDE call for con...
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...
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