Surprises are usually left for the military but today USDA pulled off the unthinkable, shocking the market to the bullish side. The August WASDE report reflected the global crop situation the way it should, but not the way the trade expected. The table below shows just some of the ways the market was caught flat-footed.
The WASDE made significant yield cuts (20+ percent) in the western half of the production area where heat and dryness has been relentless, and recognized increases (20+ percent) in the eastern part but overall, not enough to prevent significant declines. The market had been loitering within narrow ranges for several days looking for direction, and it received a full lesson plan today. Managed funds that had re...
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...
