Funds snap long buying streak in Chicago corn and soybeans: Braun
Last week, speculators were net sellers of Chicago corn and soybeans for the first time in nearly two months.
Last week, speculators were net sellers of Chicago corn and soybeans for the first time in nearly two months.
Relative to demand, world corn stocks later this year are predicted to hit 11-year lows.
China giveth, China taketh away.
“Funds bought corn” is perhaps becoming a broken record for U.S. grain markets, though there are signs that the streak could soon be snapped.
Most global importers last year took advantage of plentiful and cheaper U.S. bulk agricultural commodities, including soybeans and corn, the top-ticket
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The recent buildup of speculators’ massively bullish Chicago corn bets has been well publicized.
Brazil’s slow soybean harvest means that supplies are not reaching buyers as quickly as they might have hoped.
With global corn supplies set for decade lows later this year, Brazil’s corn harvest cannot afford a mishap.
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If anything can derail a price rally, it is a curveball from the U.S. Department of Agriculture.
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