Many different opinions and ideas were expressed at a wheat conference this week, which generated a number of thoughts and observations.
The hard red winter wheat crop is big and likely becoming larger. This is old news, but such a size is having some interesting impacts:
Interior basis has collapsed to record-low levels. Cash wheat prices to the farmers are generally $3.60-3.75/ bushel. The saving grace is that yields are huge. This crop was on the verge of extinction in early April. It hadn’t rained in 2016, and large areas suffered at least two different frost/freeze events. Rains and cool weather arrived in early to mid-April. Weather turned perfect for the reproductive stage of this crop, and even veteran crop watchers have be...
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...
