Wheat had a modest reversal from yesterday’s jump higher on profit-taking, soybeans and feeder cattle continued adding value, while soyoil and pigs climbed back from yesterday’s losses. Volume in soyoil and the entire livestock complex was notably higher for a holiday week.
The strategy continues to involve selling rallies, at least until something informs otherwise. That something could involve demand, which is sorely missing this week, or something more disappointing about yields out of Brazil, which doesn’t currently seem likely. Monday’s Christmas holiday has delayed the weekly ethanol report from the Energy Department until tomorrow, and USDA’s weekly Exports Sales report will be out...
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...
