It was a risk-off day in both commodity futures and financials. Investors like the likely outcome of the election, especially if a President-elect Biden and a continued Republican Senate play quasi-nice enough with each other to get another stimulus package written. There is still uncertainty, but less than there was two days ago. It is easier to sell the risk-off story in agriculture since the fundamental supply/demand balance is bullishly supportive:
Global food prices have moved higher for five straight months. Demand is strong at the same time weather is worrisome. The U.S. dollar continues to be weak, having lost 10 percent of its relative value since April.
The question is whether post-election the Chinese would still be buyin...
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...
