The CBOT opened weaker overnight and continued that trend into the morning with significant selling in September futures as traders exit before first notice day tomorrow. Multiple CBOT markets are testing major technical support levels, which should be a significant concern for bulls and longs. Notably, corn, soybeans, and wheat are all threatening to post significantly bearish technical events, which could spark widespread liquidation/selling at the CBOT. Hurricane Ida hit the Gulf Coast Sunday afternoon and knocked out power to New Orleans, Louisiana and the surrounding areas. Ida has been downgraded to a tropical storm and is now slowly turning northeast and is expected to travel along the Ohio River valley until it exits over the Atlan...
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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