The February WASDE typically generates few surprises. In that sense, today’s report stands out as containing some changes that exceeded expectations. The surprises, if that is what they should be called, are not a matter of direction but of degree. And they involve changes in U.S. supply/demand for 2017/18, not the revisions made to Argentine and Brazilian production estimates. The tables below provide some of the key 2017/18 numbers from today’s WASDE.
Following are some more specific comments: Corn - USDA increased estimated U.S. corn exports by 125 million bushels, which was not unexpected. We have often noted during the past few weeks that the pace of export sales was rising as U.S. corn became competitive in the world m...
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...