In the US, the corn market remains the King of the Ag sector given the country is the world leader in production, usage, and exports.
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In its January WASDE report, USDA did what it was supposed to do: Generate trade volume and break the US corn market.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. Based on our reads on real supply and demand, the corn market didn't change. However, given the manufactured reaction by the noncommercial side, the price range did change. At least for now.
This Weekly Column will be different than most. There won’t be any little puns, or pop culture references, or song lyrics. There is time for having some fun with commentary, and there is time to be serious. As we get set to sail on a new week, we are left with the latter, as the manufactured meltdown of one of the most important markets in US agriculture changed the playing field. A number of years ago, the theme of my Outlook presentation at the annual Ag Summit was “The Domino Effect”. I talked about if the corn market was the first domino to fall, then eventually the rest of US agriculture would follow. Though I’m not a fan of USDA’s WASDE reports, particularly this past week, for comparison of projected units to be exported, as opposed to gross value, we saw:
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