The noted economist John Kenneth Galbraith famously observed that “the only function of economic forecasting is to make astrology look respectable,” which is interesting since he was one of the foremost economic forecasters of his time. His remark could be considered especially applicable to efforts at predicting what may lie ahead for commodity markets. In fact, like other forms of economic forecasting, predicting the future of grain and soy markets as well as the fundamental factors that may drive them is basically glorified guesswork. Quite literally, exchange-traded futures markets for corn, wheat and soybeans are little more than organized frameworks for guessing what prices will be at set periods of time in the future. Gu...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Softs, North America