The CBOT waivered on Wednesday with weakness continuing from Tuesday’s trade early in the day. Wheat futures weighed on other markets as better chances for rain in the southern Plains pushed wheat lower. The soy complex was the star of the day with soyoil scoring new contract highs, which, in turn, supported gains in soybeans as well. After a quick drop lower early in the session, corn gradually firmed and traded higher. Old crop/new crop spreads continue to firm in a sign of bullish commercial demand. Funds were net buyers of some 4,000 contracts of soyoil and 3,000 contracts of soymeal, but were sellers of corn, wheat, and soybeans. Funds are thought to have liquidated 9,000 contracts of corn, 6,000 contracts of wheat, and 10...
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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