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Grain markets focused on the July WASDE, which seemed routine until corn rallied in the afternoon. Brian Grossman of Zaner Ag Hedge said bullish calendar spreads, holding 30 to 40 percent of full carry, explained the move.
He added that managed money had shifted toward commercial positioning.
Spread strength signals tight nearby corn supplies, which supports near-term corn prices despite a record carryout figure.
iowaagribusinessradionetwork.comStaff EditorJul 11, 2019Not 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.
