Hello everyone, Steve here with Ben, bringing you the latest on the agricultural markets.
Today, we discussed the current quiet state of the ag markets, which are being influenced by the latest CPI numbers that came in unchanged, contrary to market expectations of a slight cut. This has caused some setbacks in the outside markets and is creating a bit of pressure on the markets we trade.
In the wheat market, there's some potentially positive news with fewer acres being harvested globally, which could have long-term implications. However, the market is tough right now, with funds holding near-record short positions in corn and beans, though not as much in wheat.
We also noted that while funds are short, hedgers and grain buyers are near record longs, which could lead to an inflection point if these positions start to shift.
