The market opened much as the overnight closed but then things shifted for some contracts. Wheat was understandably down on chances for precipitation in some droughty areas but there was less apparent reasoning in other commodities. Despite closing lower today, corn and soybean values remain undergirded overall.
The trade expected export sales to be generally lower than last week, and they were for wheat and corn, though soybeans and soymeal posted higher numbers. Expectations remain high for more corn sales and a flash sale to China this morning reinforced that attitude. Again, wheat not so much as it gets easily beaten by Black Sea offers.
The one warning light on Black Sea wheat is Moscow saying t...
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...