Today's monthly supply and demand revisions from USDA were not expected to have too much of an impact on the markets, and sure enough, they did not. Here are the key points from the WASDE:
USDA reduced the corn export forecast by a whopping 75 million bushels, but it increased feed/residual use by an equally whopping 100 million bushels. This was the bullish surprise for today. USDA raised corn imports by 25 million bushels and left ending supplies unchanged. USDA left soybean ending supplies unchanged at 125 million bushels. The market was looking for increased crush and maybe increased exports, but got neither. USDA reduced the wheat export forecast by 25 million bushels. This was a bearish number. USDA reduced the soybean produc...
What You Need to Know Today: Cattle futures extended their sharp selloff Friday as weakening cash cattle prices, deteriorating feedlot profitability, and reduced packer demand continued to weigh on the market. The inability of futures to sustain a rally following last week's bullish Cattle on...
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...
Key Takeaways: WPI’s new EU rapeseed crushing margin models point to weaker processing returns over the next four months due to higher rapeseed procurement costs and weaker product values. Statistical forecasts call for German crushing margins to decline from €181/MT to €...
