The CBOT found the dip lower it attempted on Tuesday but that bulls firmly rejected. Amid improved weather forecasts for Brazil and an otherwise quiet news day, CBOT corn, soybeans, soymeal, and wheat all settled lower on a combination of technical pressure and profit taking. Notably absent from the day’s declines was soyoil, which found support from the NOPA report, which showed soyoil stocks at nine-year lows. The day’s price action casts some doubts on bulls’ ability to keep the market driving higher with technical resistance looming for multiple markets. At the same time, however, the fundamentals haven’t really changed since earlier this week, meaning the bullish risks – including the South American weathe...
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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