When previously discussing what it might take to push the funds out of their record (or near-record) short positions in corn, wheat and soybean futures (see Ag Perspectives, 8 January) in advance of USDA’s January reports, the following potential factors were cited as possible triggers to drive prices higher or perhaps even keep them steady:
Funds might cover short positions, assuming there was no more bearish news. End users would take a similar view and extend coverage under the assumption that further downside, at least in corn and wheat, was probably limited. Weather in Brazil and Argentina would support markets.
No one expected that any of the USDA numbers would be bullish, let alone bullish enough to trigger significant...
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...
