Funds have entered the New Year holding record-large short positions in corn and wheat futures, and they have also turned their long soybean position into a modest short one. Reportedly, they added to all those short positions again today in advance of Friday’s USDA reports. It would seem that farmers are about the only group left to sell these markets, but that is not unusual in January and February. They remain optimistic that prices are already too cheap and won’t go much lower in the short term. The bigger question is, when will the funds decide enough is enough and reverse their positions or at least start to reduce the size of their record-short positions in corn and wheat? That isn’t very likely before the USDA rep...
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...
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