Along with the November WASDE, USDA released its preliminary long term 10-year baseline forecast. The final projection is released in February each year at the USDA Outlook conference, but a preliminary early release baseline is put together in the fall. Overall, USDA is projecting a 10-year average price for corn of $3.57/bushel and a $9.79/bushel projection for soybean prices. Below are the five-year forecasts.
First of all, the projection – which reflects the current situation – is remarkably bullish given where we were in March, April, and May of this year with COVID-19. The long term forecast is bullish soybeans as shown by the yearly corn to soybean price ratio.
The preliminary soybean outlook has certainly imp...
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...
