The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five listed HRW and MGEX wheat contracts all posted fresh contract lows. Soybeans, while far from contract lows, still posted a strongly bearish close below technical support. The only market to find signifcant strength was lean hog futures. Funds were aggressive sellers Friday as technical factors broke down on commodity charts. Moreover, supply-driven bear market concerns led to fundamentally-based selling as well. The market is bracing for a bearish August WASDE, in which USDA is expected to decrease 2019/20 soybean exports, and likely revise 2020 corn and soybean yields higher. WPI no...
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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