USDA surprised the markets last Friday by raising its corn and soybean yield estimates significantly from the June report. While increases weren’t unexpected, it was their sheer magnitude that caused the very bearish market reaction. Some analysts also thought USDA would use a more cautious approach in the August estimates. The two charts below show the corn and soybean yield estimates versus 2017.
The yield changes from last year for some of these states is amazing. For example, South Dakota’s corn and soybean yields are expected to be up 25 bushels/acre and 6 bushels/acre, respectively, compared with last year. While the state did have some drought issues in 2017, much of its northern half has also had some problems this ye...
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...
