Yesterday’s record corn yield estimate really sealed the fate of the corn market for at least several months. Some significant crop problems in Brazil or Argentina will be needed to create any bullish enthusiasm. U.S. ending supplies are significant at almost 2.5 billion bushels. It would seem likely that funds will extend their record short position in corn futures and also plausible that additional weakness in corn will encourage them to sell more wheat. The soybean numbers weren’t bullish. In fact, it could be argued that since most thought the soybean yield would be reduced slightly, the fact it was left unchanged is also bearish. What happens next? Following are some thoughts:
Corn farmers should sell the carry into next...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
