The outlook for soybeans does continue to appear fundamentally bearish. However, soy complex futures seem reluctant to acknowledge just how bearish the situation seems to be.Consider the following:
The estimated 2013/14 world soybean carryover is a record-large 66 MMT. The U.S. produced a record 3.97 billion bushel (108 MMT) soybean crop for 2014/15. Brazil and Argentina are forecast by WPI to produce record 2014/15 soybean crops of 94.5 MMT and 56 MMT, respectively, putting total 2014/15 South American production at about 160 MMT. Estimated total world soybean production for 2014/15 is 315 MMT, up about 31 MMT from 2013/14. Total world soybean demand for 2014/15 is estimated to be 288.5 MMT, up about 15.5 MMT from 2013/14. Estimate...
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...
