The 12 October USDA reports might have created a state of equilibrium in wheat, corn and soybean markets for the following reasons:
Any significant changes to the U.S. corn and soybean yield and production estimates are unlikely going forward. USDA also made acreage adjustments to both crops in these reports. In short, it is what it is. The market has had a bearish lean for so long that these reports might have (finally) alleviated much of the pressure by deciding most, if not all, of the bearish news has now been factored into prices. Corn and wheat futures markets are cheap, and basis levels are even cheaper. It is doubtful farmers will be sellers of much until 2018. The corn harvest’s slow pace has tended to alleviate/soften...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
