As expected, markets were all basically unchanged overnight in light trading volume ahead of today’s series of major USDA reports. That calm tone then changed immediately upon their release (see separate analysis for details). No need to look at the reports anymore as the market’s swift reaction tells the story. Soybeans soared higher, wheat crashed lower, and corn was stuck in the middle, which is pretty much how the day finished. In the meantime, most eyes continued to watch the U.S. equities markets push sharply higher again today and (of course) into new contract highs. Reports say this is the strongest sustained rally in more than a dozen years. Crude oil was also strong again for the fourth consecutive week, trading above...
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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