World Perspectives
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Market Commentary

Pre-WASDE positioning sent the grains complex lower today, while livestock futures were under pressure from profit taking and lackluster cash markets. Fund managers are worried tomorrow’s report will be a repeat of the August WASDE and are paring back any long positions. It’s tough to be bullish when the market almost uniformly expects record U.S. yields. Corn and soybeans are near contract lows, which has farmers and funds largely sidelined from selling. In turn, that is leaving end users to extend coverage on what are now cheap prices. Hurricane Florence continues to barrel toward the Carolinas, threatening some of the most important barbecue-producing regions in the U.S. Beyond barbecue, however, the storm’s anticipate...

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