World Perspectives
feed-grains soy-oilseeds wheat

Market Commentary: Out of Steam

It was mostly a turnaround day as risk is priced in as much as desired and there were some bearish indicators:

South America is getting moisture and has become competitive. Ukraine may still produce some grain. HRW got some needed rains. Export sales were generally underwhelming.

This does not mean that the run-up in prices is over. Food is still a hot investment given tight global stocks, high priced fertilizer, and the chance of lower production. Deferred contract prices are lower but less so for wheat and corn than for soybeans. By contrast, deferred values in the livestock complex are higher as meat looks to become more precious.  Over the past five trading sessions, soybeans remain higher, but corn and wheat have both sh...

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