Before USDA’s November 2020 WASDE was released, the grain trade generally expected a mildly bullish report. But there was nothing mild about the November WASDE. It was flat out bullish, possibly the most bullish November WASDE ever if such comparisons were measurable. USDA’s outlook for corn was sharply altered by the following:
The national average corn yield was lowered 2.6 BPA to 175.8 BPA.
The November production estimate is 14.507 billion bu, a reduction of 216 million bu from October. Estimated U.S. corn exports for 2020/21 were raised by a large 325 million bu to 2.650 billion bu, a new record. Lower production and larger exports resulted in estimated ending stocks of 1.7 billion bu, 465 million bu lower than U...
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...
