CBOT and KCBT wheat led the way lower on Wednesday with heavy “risk off” and liquidation trade pushing the markets to 25-30 cent/bushel losses. The weakness in wheat futures pulled corn lower, with resistance again forming above the $5.94 level. The soy complex was active and interesting as both soyoil and soymeal posted strong technical reversals on their charts. Funds are thought to have sold some 20,000 contracts of wheat, 8,000 contracts of corn, and 4,000-5,000 contracts of soybeans. In soy products, they bought 5,000 contracts of soyoil and sold 3,000 contracts of soymeal. U.S. consumer spending ticked fractionally higher in November, due largely to higher food service spending. Total food service spending exceeded...
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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Illuminating the value of technical research
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