Last week’s Commitment of Traders (COT) report confirmed that funds (i.e., managed money) continued to expand their short positions in corn, soybeans, soymeal and wheat to either record-large levels or very nearly so. They had very little opposition to pressing the short side before last Friday’s USDA WASDE, and that report simply added a little more fuel to the short-side fire by reducing the U.S. wheat and corn export forecasts. The wheat market has been especially bearish over the last month. The Chicago March wheat contract has declined nearly a $1.00/bushel since 14 February.
Chicago wheat futures are now within 10-20 cents/bushel of the prices they’ve traded at since 2010, which is a remarkable collapse no matter...
What You Need to Know Today: Wheat futures pulled back sharply after Russian President Putin said there was a “chance” for peace and an agreement to end the war in Ukraine. There is plenty of skepticism about the opportunity for peace in Ukraine, but that didn’t stop wheat fr...
President Trump has opened the door to 100,000 MT of beef lean trimmings (limited to HTS codes 0201.30.5091, 0201.30.5097, 0202.30.5091, and 0202.30.5097) from countries listed under the “Other Countries” TRQ effective 1 September. These imports would not be subject to the over-quot...
Key Takeaways: CHS and OCP plan to invest up to $450 million in a Louisiana phosphate fertilizer facility capable of producing more than 1 MMT annually, marking the first new U.S. plant of its kind in more than 40 years. The facility could reduce U.S. dependence on imported finished phosphate...
