WASDE Surprise Oops, they did it again! The trade thought USDA would cut the soybean yield and instead the August WASDE increased it from July’s 51.5 bushels/acre to 51.9 bushels/acre. Reuter’s reporter Karen Braun says this is par for the course. The August WASDE often ends up having surprising numbers because the pre-report poll of analysts has missed the mark for the past 9-years. Though she notes that the outside analysts get the last laugh since they have been closer than USDA to the final season numbers more than half the time.
Pre-report, futures were trading soybeans up by 8-12 cents, meal by $7.50 to $8.50, and soyoil by 15-25 points. Post the report, beans were down more than a quarter, meal -$4.50 and soyoil...
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...
