There’s plenty of red ink on the screen this morning, but not in grain futures, which are trying to buck a bearish tide in outside markets. Money managers sold crude oil fast and furious last week, and that liquidation spilled over into agriculture too. But much larger than anticipated cutbacks in holdings by big speculators revealed by Friday afternoon’s Commitment of Traders may be sparking some of today’s buying in corn, soybeans and wheat as hedge funds try to get back into position.
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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs.