Agriculture News
USDA’s Cold Storage Report showed increases in both beef and pork stocks at the end of March, whereas both typically decline during the month.
Corn futures faced light followthrough selling in overnight trade, while soybeans firmed. Wheat futures are mixed to mostly firmer this morning.
Overnight price action in the grain and soy markets was quiet and choppy.
The winter wheat CCI ratings are below the five-year averages, especially the HRW crop.
Short-term trend turns bullish for SRW wheat, soyoil.
Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.
Disconnect between prices and production threatens to create a “volatility trap” in commodities and discourage investment in the sector, something that could threaten the supercycle.
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The amount of U.S. winter wheat considered in drought conditions remained constant at 69%