The CBOT ended mostly lower as traders reversed yesterday’s pricing action. Wheat found ample sellers at the morning’s open as overnight weakness put fresh longs underwater. Traders actively reversed old long soyoil/short soymeal spreads and the soybean market ended basically unchanged. Fresh news was lacking as the market looks forward to tomorrow’s Ag Outlook Forum. U.S. consumer spending jumped 5 percent in January as eased economic lockdowns freed up economic activity. Total retail spending was up 7 percent from last January and up 38 percent from the mid-pandemic lows last year. The data also showed continued improvement in food service sales and continuation of the amazing strength in grocery store sales.
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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...
