The CBOT was sharply higher with continued dry weather in the southern Plains pushing wheat higher while corn scored new contract highs on fund buying and strong technical trends. World vegoil markets rallied as well with palm oil pushing to fresh rally highs and CBOT soyoil notching new contract highs. The mood at the CBOT was decidedly bullish and sellers were few, resulting in choppy trade at times. For the day, funds are thought to have bought 16,000 contracts of corn, 12,000 contracts of soybeans, and 6,000 contracts of wheat. Funds were also net buyers of 5,000 contracts of soyoil and 3,500 contracts of soymeal. The weekly Export Inspections report was bearish corn, neutral wheat, and neutral/bullish soybeans. Corn inspections...
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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