USDA’s August production and supply/demand estimates were (again) bearish for soybeans, neutral-to-bearish corn and slightly bullish wheat. Following are some of the report highlights/surprises:
The markets were expecting small U.S. corn and soybean yield increases. However, USDA raised corn to the high side of estimates and increased the soybean yield a whopping 3.1 bushels/acre from the July estimate. USDA raised corn export demand, and that partially offset the production increase. Nevertheless, corn ending supplies were pushed higher by 132 million bushels from the July estimate. That is not an overly bearish number. The soybean yield estimate was a real WOW and pushed U.S. ending supplies to almost 800 million bushels...
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...
