Commodity markets were expected to mimic the risk-off mentality of today’s financial markets and that was true until USDA’s June WASDE report was released. The financial markets fear a reprise of COVID. Chicago opened lower amid reduced corn use for ethanol and more soybean exports by Brazil versus the U.S. By contrast, wheat was thought to have lots of global weather concerns. All of that was turned on its head after the report. The forecast for much lower soybean ending stocks in 2020/21 was a surprise, and the wheat numbers were bearish. The market responded rationally. Nowhere did futures end the day contrary to the consensus report number and the expectations leading up to the report (see table below).
This was ju...
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...
