Opinion
Grain markets ended the month of January well below where they started, despite volatile currencies, weather, and geo-political risk keeping prices off the lows. Managed money continue to drop their net long positions in the agricultural complex recently to its lowest levels since October, mainly thanks to the strength of the U.S. dollar. Investors in soybeans have actually flipped their position to net short as more players are recognizing the big South American crop headed to market. China cancelled another few loads of U.S. soybean purchases in order to switch commitments over to South American beans, putting Allendale Brokers to…
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