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A market analyst writes that the USDA report on Tuesday was meaningless, with U.S. corn, soybean and wheat ending stocks mostly unchanged from the prior month. He notes that world ending stocks are burdensome, and that China holds about 52% of global stocks, though its data is opaque.
He argues that fear and panic, not fundamentals, drove recent grain trading.
Sentiment rather than balance sheets is setting grain prices, so buyers should expect volatility to persist until the macro shock eases, while ample global stocks limit upside.
farmprogress.comDuane LowryMar 11, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
