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: A third U.S. border crossing (Columbus, New Mexico) has reopened to Mexican cattle imports following nearly two years of restrictions related to New World screwworm. The reopening could gradually improve feeder cattle availability, although more than 60 confi...
Yesterday, the USDA’s Agricultural Marketing Service (AMS) released a new report of negotiated cash purchases of cattle under the mandatory price report. The report included Colorado, New Mexico, Oklahoma, Texas, and Kansas. The goal of the report was to solve the confidentiality issues e...
Key Takeaways: U.S. soybean crushing began in 1911 and saw its most rapid expansion during the 1930s amid the broader agricultural and technology revolutions of the time. After peaking in the early 2000s, the soybean crushing industry went through a downturn as poor crush margins forced...
