Modest volumes were traded today, except HRW and Lean Hogs where there was some added play. For the week overall, the bears were in charge with weather and Ukraine the overriding factors. Neither of those influences are definitive. In fact, Russia lowered its export tax on wheat to facilitate sluggish movement. For the week, prices are lower, net long positions in corn increased by 29 percent, but fell 8.5 percent for soybeans.
Ukraine’s wheat crop is down 40 percent this year and McKinsey predicts problems will continue with overall grain production down 35-45 percent from its peak. Then they cited fertilizer shortages to conclude that grain prices will remain high into 2023. This is supported by futures where:
Deferred corn...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
