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: Funds remain in control of the market, which means broadly bearish trade for the ag sector. Monday’s massive corn export sale to Mexico helped trigger some short covering and a bit of other end-user buying in corn, which could help stabilize the market. Wheat...
With less than 24 hours until Election Day, control of the Senate remains a wild card. Republicans and Democrats alike say they are poised to win control of the chamber in the new Congress that starts in January 2027. The House of Representatives is more of a lost cause for continued Republican...
Key Takeaways: U.S. hog and pork prices have declined sharply, with December lean hog futures ending October at $58.875/cwt and the pork cutout reaching its lowest level since January 2021. Seasonal increases in hog slaughter and pork production have contributed to price weakness, although the...
