Corn futures are off 7 cents at 400.25, Wheat's up 4 cents in Chicago at 591.25
While we noted the outstanding performance of lean hogs during the first half, we don’t spend too much time focused on the agricultural commodities markets. Maybe we should.
Dow Jones Newswires’ Ian Berry notes Monday that a drought across Europe and Russia has pushed wheat prices to 13-month highs on something of a short squeeze.
Many speculative investors had bet that prices for the grain would continue to fall, according to data from the U.S. Commodity Futures Trading Commission. As the global production estimates were cut, those investors were forced to buy back previously sold positions, forcing prices higher. Traders warn that rallies such as this one, which feeds off bullish supply headlines, may be short-lived and prices could turn again with changes in weather.Previously:
Make a note of that....MORE
Burning Corn: Ag Report Shows Drop in Supplies on Hand; Drawdown will be due to Ethanol Production
"Surprising Corn Numbers"
Corn: A one day Wonder?
"China’s Corn Imports May Grow 10-Fold, Marubeni Says" and "The Downside Of Corn’s Higher Prices" (CORN; ADM; PEIX)
Commodities Surging on Russian Drought Devastation: Harvest Estimates Being Lowered Daily