Milling Wheat The Black Sea market was under pressure last week due to the absence of export demand for old crop as well as the bearish outlook of last Friday’s USDA reports. The USDA estimate for the Russian crop of 77 MMT is probably conservative as most Russian analysts’ numbers are in the 80s. However, USDA’s estimate for the Ukrainian crop of 29 MMT is probably about 1-2 MMT above the average trade estimate. The weather in Russia and Ukraine remains favorable for wheat development. Ethiopia confirmed the purchase of 400,000 MT of optional origin wheat, and results from a tender for 600,000 MT are still awaited. Algeria announced an optional origin wheat tender for July shipment that will close on Wednesday. R...
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...
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