World Perspectives

Livestock Recent Livestock Analysis

feed-grains soy-oilseeds wheat

Market Commentary: Weaker into the Weekend

The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five listed HRW and MGEX wheat contracts all posted fresh contract lows. Soybeans, while far from contract lows, still posted a strongly bearish cl...

feed-grains soy-oilseeds wheat

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2075/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.955/bushel, down $0.0575 from yesterday's close.  Nov 20 Soybeans closed at $8.675/bushel, down $0.105 from yesterday's close.  Dec 20 Soymeal closed at $286.8/short ton, down $1.6...

feed-grains soy-oilseeds wheat

Market Commentary: Setting Records

Records are being set in lots of places and not in a good way if you are a bull. There will be record wheat in Canada and India and projected record corn and soybean crops next season in Brazil. Farmers not selling now to clean out bins are ignoring the fact that seasonal lows may not yet be hi...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2375/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.0125/bushel, down $0.095 from yesterday's close.  Nov 20 Soybeans closed at $8.78/bushel, down $0.0075 from yesterday's close.  Dec 20 Soymeal closed at $288.4/short ton, down $1.8...

livestock

Livestock Round Up: June Meat Exports; COVID-19 Impact on Mexican Beef Sector

The June meat export totals were released by USDA today, with pork, broilers and beef all showing a drop from May and big drops from the 2020 high point in March. Only pork was up year-over-year, mostly on large volumes shipped to China. In June, China accounted for a third of all exports, but...

feed-grains soy-oilseeds wheat

Market Commentary: Spread Trade Creates Consolidation

The CBOT featured spread trade on Wednesday with corn and wheat gaining on soybeans. Traders were revering old bull soybean/wheat and soybean/corn spreads, which kept soybean values under pressure. Trading volumes were low and spreading/position evening was the theme of the day.  The Wall...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2325/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.1075/bushel, up $0.025 from yesterday's close.  Nov 20 Soybeans closed at $8.7875/bushel, down $0.03 from yesterday's close.  Dec 20 Soymeal closed at $290.2/short ton, down $1.2 fro...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock Ministry of Agriculture Data Shows Hog Recovery on Track According to the latest market surveys from China’s Ministry of Agriculture and Rural Affairs (MARA), through this past June the country’s sow and live hog inventories are recovering at a steady pace. At the halfway...

feed-grains soy-oilseeds wheat

Market Commentary: Commodity Collapse

The CBOT was sharply weaker for the second trading day in August. Continued excellent or improving spring crop conditions and private firm forecasts of record corn and soybean yields sparked widespread selling. Corn dipped to new contract lows – as did HRW wheat – while SRW wheat an...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2025/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.0825/bushel, down $0.1275 from yesterday's close.  Nov 20 Soybeans closed at $8.8175/bushel, down $0.145 from yesterday's close.  Dec 20 Soymeal closed at $291.4/short ton, down...

feed-grains soy-oilseeds wheat

Market Commentary

Selling in wheat was the dominant theme at the CBOT on Monday. Weekend news that private firms had made upward revisions to the Russian wheat crop, now forecast just shy of 80 MMT, pressured the CBOT to start the week. Unwinding of wheat/corn spreads helped the latter firm slightly while the so...

biofuel livestock

Foreign Election Influence Charges Rake in Ethanol

The House Foreign Affairs Committee is opening an investigation into whether the U.S. Ambassador to Brazil is peddling to Brazil a proposed purchase of ethanol as a boost to the Trump re-election campaign in Iowa. Citing reports in the newspaper O Globo, Representatives Eliot Engel (D-New York)...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.285/bushel, up $0.015 from yesterday's close.  Sep 20 Wheat closed at $5.21/bushel, down $0.1025 from yesterday's close.  Nov 20 Soybeans closed at $8.9625/bushel, up $0.0375 from yesterday's close.  Dec 20 Soymeal closed at $295.7/short ton, down $1.6 fr...

feed-grains soy-oilseeds wheat

Market Commentary

July finished with a fizzle at the CBOT, with buy wheat/sell corn spreads pressuring the feed grain while soybeans firmed on expectations of continued export sales next week. The only real action was in soyoil and livestock futures, with the former jumping higher and breaking technical resistan...

soy-oilseeds wheat livestock

CFTC COT Report Analysis

  The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently comp...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.27/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.3125/bushel, up $0.0175 from yesterday's close.  Nov 20 Soybeans closed at $8.925/bushel, up $0.0425 from yesterday's close.  Dec 20 Soymeal closed at $297.3/short ton, down $0.7 fro...

feed-grains soy-oilseeds wheat

Recession Impacts on Trade

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the impact of the 2007 – 2009 Great Recession for potential implications on agricultural markets from the current pandemic may or may not...

feed-grains soy-oilseeds wheat

Market Commentary

Markets are being whipsawed as concerns about the economy apply downward pressure as seen in the last overnight session and then buoyed somewhat this morning by the Export Sales report. Let’s start with the economy. It suffered a huge contraction due to COVID-19. Everyone knew that before...

livestock

Livestock Round Up: COVID Catalyzes Ag Policy

The dairy industry has faced several years of bear markets and just when things looked like they were going to turn around in 2020, COVID-19 hit. Reduced foodservice demand, increased retail demand, and government purchases through the Food Box Distribution program have all focused more attenti...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2675/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.0325 from yesterday's close.  Nov 20 Soybeans closed at $8.8825/bushel, up $0.03 from yesterday's close.  Dec 20 Soymeal closed at $298/short ton, up $2.2 from y...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields this year. Wheat futures were higher in range-bound trade as buy wheat/sell corn spread trading dominated the day. The lack of new daily expo...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2625/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5.3275/bushel, up $0.0925 from yesterday's close.  Nov 20 Soybeans closed at $8.8525/bushel, down $0.0225 from yesterday's close.  Dec 20 Soymeal closed at $295.8/short ton, down $...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock U.S. Beef Exports Continue on Record Run When 2020 finally comes to an end, it will likely be remembered as the year when U.S. beef and beef products firmly reestablished their presence in the China market. In May, a total of 1,670.6 MT left U.S. ports for the Middle Kingdom with a to...

feed-grains soy-oilseeds wheat

Ag Review - July 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle prices, a new strategy in the corn market, a surge in the Chinese Dalian exchange, the role of soymeal in aquaculture, the importance of China...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower overnight as USDA’s surprise increase in the good/excellent ratings for corn and soybeans pressured the market. Wheat followed corn lower, pressured by spillover selling as well as its own good harvest statistics. The increase in crop conditions ratings seemed to spa...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.3/bushel, down $0.045 from yesterday's close.  Sep 20 Wheat closed at $5.235/bushel, down $0.0425 from yesterday's close.  Nov 20 Soybeans closed at $8.875/bushel, down $0.1225 from yesterday's close.  Dec 20 Soymeal closed at $297.5/short ton, down $4 fr...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened on a weaker note with corn, soybeans and wheat trading lower Sunday night and into Monday morning. Monday’s opening bell, however, saw corn and wheat traded higher while selling pressure accelerated in wheat. The day featured mostly low-volume trade with corn ending slight...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.345/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, down $0.1175 from yesterday's close.  Nov 20 Soybeans closed at $8.9975/bushel, up $0.005 from yesterday's close.  Dec 20 Soymeal closed at $301.5/short ton, up $2.9 f...

livestock

Beef Growth and Decline

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past decade, consumption of beef in otherwise relatively large consuming Russia has declined the most of any of the top 20 countries. Note that t...

livestock

Cattle on Feed and Cattle Inventory Reports as Expected

Two key cattle reports came out this afternoon after the market close, Cattle on Feed and the semi-annual Cattle Inventory. The Cattle on Feed report was largely in line with pre-report expectations. The total inventory of cattle on feed in feedlots of 1,000 head or larger capacity was 11.4 mil...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT traded a mixed day to close the week with higher wheat futures the only pronounced development. Rising cash wheat values in Russia (up $1-5/MT depending on the region) helped Paris milling wheat move €2.25/MT higher over night and that supported CBOT wheat as well. Wheat/corn bull...

livestock wheat soy-oilseeds

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.35/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.395/bushel, up $0.1 from yesterday's close.  Nov 20 Soybeans closed at $8.9925/bushel, down $0.0075 from yesterday's close.  Dec 20 Soymeal closed at $298.6/short ton, up $0.7 from...

livestock

Cattle on Feed

United States Cattle with capacity of 1,000 or more head totaled 11.4 million head on July 1, 2020. The inventory was slightly below July 1, 2019. However, this is the second highest July 1 inventory since the series began in 1996. The inventory included 7.03 million steers and steer calves, up...

livestock

Building a Poultry Industry

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poultry production involves processes and feed. The former may be easier than the latter given that country’s climate and geography, though...

feed-grains soy-oilseeds wheat

Market Commentary: Weaker into the Weekend

The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five listed HRW and MGEX wheat contracts all posted fresh contract lows. Soybeans, while far from contract lows, still posted a strongly bearish cl...

feed-grains soy-oilseeds wheat

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2075/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.955/bushel, down $0.0575 from yesterday's close.  Nov 20 Soybeans closed at $8.675/bushel, down $0.105 from yesterday's close.  Dec 20 Soymeal closed at $286.8/short ton, down $1.6...

feed-grains soy-oilseeds wheat

Market Commentary: Setting Records

Records are being set in lots of places and not in a good way if you are a bull. There will be record wheat in Canada and India and projected record corn and soybean crops next season in Brazil. Farmers not selling now to clean out bins are ignoring the fact that seasonal lows may not yet be hi...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2375/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.0125/bushel, down $0.095 from yesterday's close.  Nov 20 Soybeans closed at $8.78/bushel, down $0.0075 from yesterday's close.  Dec 20 Soymeal closed at $288.4/short ton, down $1.8...

livestock

Livestock Round Up: June Meat Exports; COVID-19 Impact on Mexican Beef Sector

The June meat export totals were released by USDA today, with pork, broilers and beef all showing a drop from May and big drops from the 2020 high point in March. Only pork was up year-over-year, mostly on large volumes shipped to China. In June, China accounted for a third of all exports, but...

feed-grains soy-oilseeds wheat

Market Commentary: Spread Trade Creates Consolidation

The CBOT featured spread trade on Wednesday with corn and wheat gaining on soybeans. Traders were revering old bull soybean/wheat and soybean/corn spreads, which kept soybean values under pressure. Trading volumes were low and spreading/position evening was the theme of the day.  The Wall...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2325/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.1075/bushel, up $0.025 from yesterday's close.  Nov 20 Soybeans closed at $8.7875/bushel, down $0.03 from yesterday's close.  Dec 20 Soymeal closed at $290.2/short ton, down $1.2 fro...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock Ministry of Agriculture Data Shows Hog Recovery on Track According to the latest market surveys from China’s Ministry of Agriculture and Rural Affairs (MARA), through this past June the country’s sow and live hog inventories are recovering at a steady pace. At the halfway...

feed-grains soy-oilseeds wheat

Market Commentary: Commodity Collapse

The CBOT was sharply weaker for the second trading day in August. Continued excellent or improving spring crop conditions and private firm forecasts of record corn and soybean yields sparked widespread selling. Corn dipped to new contract lows – as did HRW wheat – while SRW wheat an...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2025/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.0825/bushel, down $0.1275 from yesterday's close.  Nov 20 Soybeans closed at $8.8175/bushel, down $0.145 from yesterday's close.  Dec 20 Soymeal closed at $291.4/short ton, down...

feed-grains soy-oilseeds wheat

Market Commentary

Selling in wheat was the dominant theme at the CBOT on Monday. Weekend news that private firms had made upward revisions to the Russian wheat crop, now forecast just shy of 80 MMT, pressured the CBOT to start the week. Unwinding of wheat/corn spreads helped the latter firm slightly while the so...

biofuel livestock

Foreign Election Influence Charges Rake in Ethanol

The House Foreign Affairs Committee is opening an investigation into whether the U.S. Ambassador to Brazil is peddling to Brazil a proposed purchase of ethanol as a boost to the Trump re-election campaign in Iowa. Citing reports in the newspaper O Globo, Representatives Eliot Engel (D-New York)...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.285/bushel, up $0.015 from yesterday's close.  Sep 20 Wheat closed at $5.21/bushel, down $0.1025 from yesterday's close.  Nov 20 Soybeans closed at $8.9625/bushel, up $0.0375 from yesterday's close.  Dec 20 Soymeal closed at $295.7/short ton, down $1.6 fr...

feed-grains soy-oilseeds wheat

Market Commentary

July finished with a fizzle at the CBOT, with buy wheat/sell corn spreads pressuring the feed grain while soybeans firmed on expectations of continued export sales next week. The only real action was in soyoil and livestock futures, with the former jumping higher and breaking technical resistan...

soy-oilseeds wheat livestock

CFTC COT Report Analysis

  The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently comp...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.27/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.3125/bushel, up $0.0175 from yesterday's close.  Nov 20 Soybeans closed at $8.925/bushel, up $0.0425 from yesterday's close.  Dec 20 Soymeal closed at $297.3/short ton, down $0.7 fro...

feed-grains soy-oilseeds wheat

Recession Impacts on Trade

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the impact of the 2007 – 2009 Great Recession for potential implications on agricultural markets from the current pandemic may or may not...

feed-grains soy-oilseeds wheat

Market Commentary

Markets are being whipsawed as concerns about the economy apply downward pressure as seen in the last overnight session and then buoyed somewhat this morning by the Export Sales report. Let’s start with the economy. It suffered a huge contraction due to COVID-19. Everyone knew that before...

livestock

Livestock Round Up: COVID Catalyzes Ag Policy

The dairy industry has faced several years of bear markets and just when things looked like they were going to turn around in 2020, COVID-19 hit. Reduced foodservice demand, increased retail demand, and government purchases through the Food Box Distribution program have all focused more attenti...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2675/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.0325 from yesterday's close.  Nov 20 Soybeans closed at $8.8825/bushel, up $0.03 from yesterday's close.  Dec 20 Soymeal closed at $298/short ton, up $2.2 from y...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields this year. Wheat futures were higher in range-bound trade as buy wheat/sell corn spread trading dominated the day. The lack of new daily expo...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.2625/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5.3275/bushel, up $0.0925 from yesterday's close.  Nov 20 Soybeans closed at $8.8525/bushel, down $0.0225 from yesterday's close.  Dec 20 Soymeal closed at $295.8/short ton, down $...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock U.S. Beef Exports Continue on Record Run When 2020 finally comes to an end, it will likely be remembered as the year when U.S. beef and beef products firmly reestablished their presence in the China market. In May, a total of 1,670.6 MT left U.S. ports for the Middle Kingdom with a to...

feed-grains soy-oilseeds wheat

Ag Review - July 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle prices, a new strategy in the corn market, a surge in the Chinese Dalian exchange, the role of soymeal in aquaculture, the importance of China...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower overnight as USDA’s surprise increase in the good/excellent ratings for corn and soybeans pressured the market. Wheat followed corn lower, pressured by spillover selling as well as its own good harvest statistics. The increase in crop conditions ratings seemed to spa...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.3/bushel, down $0.045 from yesterday's close.  Sep 20 Wheat closed at $5.235/bushel, down $0.0425 from yesterday's close.  Nov 20 Soybeans closed at $8.875/bushel, down $0.1225 from yesterday's close.  Dec 20 Soymeal closed at $297.5/short ton, down $4 fr...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened on a weaker note with corn, soybeans and wheat trading lower Sunday night and into Monday morning. Monday’s opening bell, however, saw corn and wheat traded higher while selling pressure accelerated in wheat. The day featured mostly low-volume trade with corn ending slight...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.345/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, down $0.1175 from yesterday's close.  Nov 20 Soybeans closed at $8.9975/bushel, up $0.005 from yesterday's close.  Dec 20 Soymeal closed at $301.5/short ton, up $2.9 f...

livestock

Beef Growth and Decline

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past decade, consumption of beef in otherwise relatively large consuming Russia has declined the most of any of the top 20 countries. Note that t...

livestock

Cattle on Feed and Cattle Inventory Reports as Expected

Two key cattle reports came out this afternoon after the market close, Cattle on Feed and the semi-annual Cattle Inventory. The Cattle on Feed report was largely in line with pre-report expectations. The total inventory of cattle on feed in feedlots of 1,000 head or larger capacity was 11.4 mil...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT traded a mixed day to close the week with higher wheat futures the only pronounced development. Rising cash wheat values in Russia (up $1-5/MT depending on the region) helped Paris milling wheat move €2.25/MT higher over night and that supported CBOT wheat as well. Wheat/corn bull...

livestock wheat soy-oilseeds

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 20 Corn closed at $3.35/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.395/bushel, up $0.1 from yesterday's close.  Nov 20 Soybeans closed at $8.9925/bushel, down $0.0075 from yesterday's close.  Dec 20 Soymeal closed at $298.6/short ton, up $0.7 from...

livestock

Cattle on Feed

United States Cattle with capacity of 1,000 or more head totaled 11.4 million head on July 1, 2020. The inventory was slightly below July 1, 2019. However, this is the second highest July 1 inventory since the series began in 1996. The inventory included 7.03 million steers and steer calves, up...

livestock

Building a Poultry Industry

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poultry production involves processes and feed. The former may be easier than the latter given that country’s climate and geography, though...

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