The one sure thing about the January USDA reports is that they generated more interest than the market has seen in a long time. However, what USDA didn’t do might be just as important.The 12 January series of USDA reports held a few surprises, and the markets responded accordingly. Bob Kohlmeyer and John Baize covered the numbers in detail yesterday. Following, though, is a take on what USDA didn’t do that might be just as important:
Winter wheat acres, as WPI has written about several times recently, came in at the lowest level in 107 years. What USDA won’t report until the last day of March is how many acres of spring wheat will be planted. Our opinion today is that spring wheat acres will drop at least 500,000 acres from last year and...
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...