Corn prices have been on an epic run. Now, soybeans could soon be catching up.
According to a report from Bloomberg at Yahoo Finance, with more rains forecast for the U.S. Midwest, oilseed plantings are under threat and hedge funds are backing away from their bearish wagers.
Meanwhile, corn is heading for its best quarterly advance since 2010 and the funds are betting there’s more room to run, raising their net-bullish holdings to the highest in a year.
Meanwhile, grain trading houses are positioning for a prolonged impact from the U.S. rains. Cargill Inc. said it’s initiated flood mitigation plans for grain facilities along the Mississippi and Illinois rivers.
