The CBOT opened as called with corn, soybeans, and meal trading higher while wheat and soyoil traded lower. Those trends reversed around midday, however, with corn and soybeans losing steam and settling lower for the day while a short-covering rally spurred wheat to a higher close. Funds are thought to be modest net buyers for the day, though trading volume in most products (except wheat and livestock) was muted. The UN Food and Agriculture Organization (FAO) made a massive downward adjustment to Chinese (and, consequently, world) corn stocks for 2020/21. The agency revised its stocks estimate back to 2013/14 based on China’s aggressive purchases so far this year. The FAO now pegs China’s corn stocks at 139 MMT, down 54 M...
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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Accountability and a comprehensive approach to export programming
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