Chicago was pressured lower today by three key factors:
Badly needed rain dropping this weekend.
Crop tour reports of better yields.
Bearish macro-markets that were in turn pressured lower by concerns about the spread of the Delta COVID variant and Federal Reserve tapering of liquidity stimulus.
Rain makes grain and concurrently causes prices to fall. Right now, the forecast should give a boost to northern Plains/Canadian crops that otherwise have had an unpleasant summer. Volume was mixed with higher participation in the soy complex and HRS, with lower volumes in corn, plus HRW and HRS. It was a beat-down day with intra-day lows breaking through support levels and staying that way at the close ex...
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...