WASDE Meets Expectations Today’s release of the April USDA WASDE was not as interesting as last week’s Prospective Plantings report but that is mostly because it met expectations. They raised soybean utilization and reduced carryover. The market reacted by adding 43.5 cents to the May contract, which means this week’s gains almost erase last week’s losses. More importantly, it puts the market back on track for breaking resistance at $17/bushel. Where analysts had hoped for more but knew it would not be coming is some recognition of the war’s impact. USDA raised Russia’s wheat exports by 1 MMT, and lowered Ukraine’s by 1 MMT.
Export Sales Drop This week’s drop in USDA reported export...
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...
