Read quite a few reports today about the bears comming out of hibernation for a while. Time to sit and wait through to May/june for remaining sales? Basis levels are getting better.
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"Continued weakness in the front months indicate the market's slump is demand driven, analysts added."
"U.S. wheat futures continued to stumble, ending lower on demand worries and relatively adequate supplies. Higher crude oil is prompting worry about the global economy and commodity demand, pushing wheat prices lower despite ongoing worries about dryness in the U.S. Plains that could hurt the crop."
"US soybean futures close sharply lower on rising projections for South America's harvests. The USDA is expected to raise its forecast for Brazil's harvest in a monthly report Thursday as farmers are bringing in what's thought to be a record crop. Agricultural consultancy Celeres on Wednesday raised its estimate for South American soy output 3% due to an increased forecast for Argentina."
"Oat futures approached a 14-week low on spillover pressure from sinking wheat, corn and soybeans."
Where is the oats demand, analysts said processors would be running low by March?
Brazil's harvest must be nearly done, crop size was known for awhile.
Just like 2008, just when food prices and inputs are increasing, down go the commodity prices. Suddenly all the current news is bearish. Weather is still a wild card. Agree, next spike maybe in May/June.
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