The February WASDE held a disappointing note for corn bulls and was modestly friendly for the soy complex. USDA’s forecast of U.S. corn ending stocks was on the high end of expectations while the soybean carry-out was as expected. The general theme of the February WASDE was one of stronger global demand and still adequate supplies. WPI’s work continues to suggest the 2020/21 U.S. corn and soybean balance sheets will continue to tighten and that the bull market is not over yet. In the short-term, however, profit-taking weakness may develop as funds may start to exit their long position. Heading into the noon WASDE, CBOT corn was trading 5-6 cents higher and at new contract highs while soybeans were up 15-18 cents with Marc...
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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