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0:00 Intro 0:27 Corn and Wheat Selloff 1:14 The Farmer is Undersold 3:48 Fund Positioning 4:42 Brazil Update 5:59 Export Inspections 6:57 Biden Supply Chain Council 8:07 Cattle Collapse
🌾 Market Snapshot: Corn & Wheat Hit Lows, Cattle Futures Drop 📉🌽🐄
📊 Corn & Wheat Decline: US corn and wheat futures hit fresh lows on Monday, with Dec23 contracts reaching $4.54/bushel and $5.88/bushel, respectively. Speculative selling, lack of a bullish catalyst, and December basis contracts contributed to the selloff.
📈 Money Managers Go Bearish: Large money managers increased their net short position in corn, selling 27k contracts. Soybeans and SRW wheat also saw bearish trends, as highlighted in the Fund Tracker charts.
🇧🇷 Brazil's Soybean Planting Slowdown: Brazil's 2023/2024 soybean planting is the slowest in eight years, with only 74% completed. Adverse weather conditions are impacting regions differently, affecting both soybean and corn planting.
🚢 US Soybean Shipments Dip: Soybean shipments declined by 12% (1.4mmt) compared to the previous week. Corn and wheat shipments also experienced decreases, impacting export dynamics.
🌐 Biden Addresses Supply Chains: President Biden announced a new White House Council on Supply Chain Resilience to tackle issues contributing to inflation. The first report is due by the end of 2024.
🐮 Cattle Futures in Retreat: Cattle futures, especially feeder cattle, hit lows not seen in months, driven by fund selling and panic short hedging. Despite challenges, the overall cattle market outlook remains bullish.
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By: Grain Markets and Other Stuff Title: Corn Falls to 33-Month Lows: Is The US Farmer Undersold?? Sourced From: www.youtube.com/watch?v=BJ7TynT1BPs
