World Perspectives
feed-grains soy-oilseeds wheat

The September WASDE

USDA's eagerly awaited September WASDE was greeted happily by corn market bears and soybean market bulls. USDA reduced the 2012/13 average corn yield from 123.4 bushels per acre in August to 122.8 bushels per acre in September. Leaving harvested acres unchanged at 87.4 million, estimated 2012/13 U.S. corn production fell just 52 million bushels to 10.727 billion bushels. The reductions in the corn yield and total production were far smaller than expected. Average trade expectations had been for a yield around 120.5 bushels per acre and production between 10.4-10.5 billion bushels. Thus, the trade was more than 2 bushels per acre and nearly 300 million bushels lower than USDA. Given the advanced maturity of the corn crop and the record ear...

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feed-grains soy-oilseeds wheat

Market Commentary: Absent Chinese Demand, Supply Dominates the Mood

Markets were over-weight on the Xi – Trump phone call this morning. The phone call went well enough but after it became clear there was no deal on ag or soybeans, the latter turned south. Beans and meal had traded higher overnight and at the open, but like all three wheats, closed on loss...

livestock

Cattle of Feed - Sep 2025

U.S. Cattle on Feed in feedlots with capacity of 1,000 or more head totaled 11.1 million head on September 1, 2025. The inventory was 1 percent below September 1, 2024.  Placements in feedlots during August totaled 1.78 million head, 10 percent below 2024.  Marketings of fed cattle du...

livestock

Cattle on Feed Report Shows Record Low Marketings

USDA’s monthly Cattle on Feed report was released today at 3 p.m. Total cattle on feed amounted to 11.1 million head, 99 percent of last year, as expected.    Placements and marketings came in slightly more bullish than the pre-report estimates, but still close, within one perc...

feed-grains soy-oilseeds wheat

Market Commentary: Absent Chinese Demand, Supply Dominates the Mood

Markets were over-weight on the Xi – Trump phone call this morning. The phone call went well enough but after it became clear there was no deal on ag or soybeans, the latter turned south. Beans and meal had traded higher overnight and at the open, but like all three wheats, closed on loss...

livestock

Cattle of Feed - Sep 2025

U.S. Cattle on Feed in feedlots with capacity of 1,000 or more head totaled 11.1 million head on September 1, 2025. The inventory was 1 percent below September 1, 2024.  Placements in feedlots during August totaled 1.78 million head, 10 percent below 2024.  Marketings of fed cattle du...

livestock

Cattle on Feed Report Shows Record Low Marketings

USDA’s monthly Cattle on Feed report was released today at 3 p.m. Total cattle on feed amounted to 11.1 million head, 99 percent of last year, as expected.    Placements and marketings came in slightly more bullish than the pre-report estimates, but still close, within one perc...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 25 Corn closed at $4.24/bushel, up $0.0025 from yesterday's close.  Dec 25 Wheat closed at $5.225/bushel, down $0.0175 from yesterday's close.  Nov 25 Soybeans closed at $10.255/bushel, down $0.12 from yesterday's close.  Dec 25 Soymeal closed at $284/short ton, down $0.7 fro...

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