WASDE Shocker This week started with a bang and ended on a whimper. November soybeans rallied 76 cents/bushel after USDA’s September WASDE report on Monday made significant and unexpected adjustments lower in U.S. and world soybean supplies. Here were the key points:
U.S. new crop soybean harvested area, yield, production and ending stocks were all lowered. U.S. soybean production is down 6.6 percent year-on-year, and ending stocks are now at the lowest level since 2015/16 with a stocks-to-use ratio of 4.5 percent. World soybean ending stocks were revised lower by 2.4 percent.
Here are some longer range graphs to put it all in perspective:
The funds were caught flat-footed since going into the report they were at...
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...
