The Market Soybeans were fighting their way back to breakeven for the week until USDA issued its quarterly stocks report midday and showed more product on the books than anyone expected. Mind you, stocks to use is still very tight but suddenly there is 13 percent more beans than expected and Chicago made a neck-breaking reversal. Instead of trading 15 cents higher it plunged 32 cents to make the net loss on the week 47 cents.
For the week, the complex dropped 3-4 percent in value and is exposed to further softening. November soybeans lost 61 cents (-4.2 percent), December soymeal lost $4.20 (-4.7 percent), and December soyoil lost 2.3 cents (-3.3 percent).
China wants to reduce imports and Brazil is more competitive, but China still...
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...
