June WASDEs typically provide few surprises and little market movement. Taken individually, not one of USDA’s new estimates and projections is very surprising. Collectively, they emphasize a trend that markets have been slow to acknowledge, which is that U.S. and world supplies of grain and soybeans have declined in 2017/18 and are almost certain to decrease further in 2018/19. This has sponsored a generally bullish reaction from futures markets. The tables below show the key numbers from the June WASDE released today. Please note that all those for 2018/19 (except for U.S. wheat production) are USDA projections rather than estimates.
USDA estimates combined U.S. ending stocks of corn, soybeans and wheat will be 3.687 billion bush...
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...
