Soybeans Market Overview Last week was another that featured weaker Brazilian basis pushing levels lower with each passing day. The Chinese are waiting for margins to rebound or an announcement of a trade deal with the U.S., which seems unlikely in the very near term. In fact, any such agreement should not substantially change Chinese margins since Brazil is already very close to U.S. levels for December-February and cheaper from March onward. Sellers are presently offering January Brazilian soybeans at 160H CNF China, while U.S. prices are around 130H. A potential trade agreement, however, would bring a rally in U.S. basis that would put that origin at parity with Brazil, although it would have no impact on March, April and May shipment...
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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