Wheat, corn and soybean futures all started higher this morning. Funds are holding significant short positions in all three, while yesterday’s rally in the euro coupled with better economic data is bringing short covering buying to these markets. General Comments Markets were mixed to slightly lower overnight in anticipation of various reports this morning. Below are some of today’s headlines:
The U.S. added 211,000 jobs in November. That was considered a bullish number and pushed the U.S. equity markets sharply higher following yesterday’s big losses. The jobs report also likely will give the Federal Reserve the courage to finally increase U.S. interest rates. The U.S. unemployment rate is 5 percent. Stats Canada released its final...
What You Need to Know Today: Agricultural commodities were mostly lower on the day, with red-hot soyoil a notable exception. Export sales were a bit underwhelming, particularly for corn with export sales down 52 percent week-over-week. The weakness in ag markets tracked crude oil weakness wit...
With the war in Iran affecting fuel and fertilizer prices, higher tariffs, weak commodity prices, ag labor constraints, and other factors, farm bankruptcies are now at a 6-year high, a signal of growing stress. During the month of April, 62 Chapter 12 bankruptcies were filed, which is a 1...
Food Inflation The Open Markets Institute, which is notably funded by several “anonymous” donors and liberal foundations, obtained a guest editorial in the New York Times in which they blame agribusiness concentration for higher grocery prices. This is their schtick and it is politi...
