The Egyptian pound was devalued by 1.2 percent last week as the country's importers still face difficulties making their payments in U.S. currency. Most major grain importers are doing so through banks outside of Egypt, but their smaller counterparts are dependent upon the domestic banking system.
Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt’s central bank devalued the Egyptian pound by just over 1.2 percent last week, putting the official exchange rate at 7.93 to the USD. Secondary market prices for the U.S. dollar are about 0.40 higher. Egyptian importers are still facing a very difficult situation regarding their ability to make payments in U.S. currency. This type of transaction previously took days to co...
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...
