USDA says Russia is wrong

It's been a volatile week, with the recent new high placed by soybeans early in the week completely rejected, and the market is now tumbling back to near the 15.00 mark. We also explained why wheat is sharply higher while beans are lower.

Heartland Market Talk
Heartland Market Talk
USDA says Russia is wrong
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Wheat futures exploded today, on follow-through short covering that got underway after making new lows for the year on Monday. The USDA ag official in Europe, speaking at the European grain conference, stated that it's unlikely Russia produced the 100 MMT wheat crop they are forecasting, as USDA says at best they could have 92 MMTs. This is a 300 million bushel discrepancy that has wheat prices lifting with such a heavy index fund short position on.

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