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Speculators are approaching the one-year mark of the last time they were bullish toward Chicago-traded corn, and that trend is unlikely to end anytime soon as favorable U.S. growing conditions keep stockpiles generous, reports Reuters.
The expanding supply outlooks for corn and soybeans have offset incredibly strong export demand for the upcoming marketing year. Combined U.S. corn and bean export sales for the new year are record-large, and just over half the total is destined for China.
Rising supplies are also a concern for wheat traders, as USDA is expected to slightly increase U.S. stocks. World ending stocks are seen falling from the July forecast, but they would still reach record levels by mid-2021.
Read the full report here.
