The trade today continued to set up for what could be a bearish USDA Acreage report at the end of the week. Certainly, there is the possibility of farmland switching from corn to soybeans due to rain delayed planting. But there is also the chance that both crops got planted on more land than the March Prospective Plantings report indicated. Key points from today’s market action include:
Grains and oilseeds all traded lower today.
There was a higher volume shedding corn ownership.
New contract lows were touched in both soyoil and HRS.
It was the second day in a row for new contract lows in HRS.
There were anomalous outcomes as August lean hogs closed lower in every contract except August. And...
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...