The CBOT was mostly weaker on Tuesday with weakness in macro markets dampening traders’ and funds’ risk appetite. Wheat futures tumbled sharply and somewhat unexpectedly with both U.S. and Paris markets heading lower. Profit taking and a re-balancing of futures prices with cash values was blamed for the wheat weakness. The wheat weakness spilled over into corn and soybeans, which also found yield-based selling pressure from ProFarmer’s crop tour results. Soybeans and soymeal posted technical upside breakouts but found limited follow-through buying and posted disappointing closes. Funds were net sellers at the CBOT today, selling some 20,000 contracts of SRW wheat and 12,000 contracts of corn, along with 9,000 contra...
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...
From WPI Consulting
Accountability and a comprehensive approach to export programming
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