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Cofco International UK's Stuart Shiells says the overwhelming global grain supply will keep prices capped despite political upheaval and localised weather events. He notes record fund short positions and says a significant drought in Europe or US weather damage would be needed to change that.
Dry conditions in the UK, Spain, France and North Africa are being watched, while US planting is delayed by rain.
Burdensome world stocks and heavy fund shorts limit the upside for corn and wheat, so feed buyers should not expect a sustained price rally without a major weather event.
fwi.co.ukStuart ShiellsApr 27, 2017Not 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.
