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Heavy fund selling last week drove grain prices lower but some short covering helped the wheat complex limit its losses, despite a mostly bearish WASDE report from the UDSA last week.
Brennan Turner previously founded Combyne Ag, a grain accounting and crop marketing hub built to help producers make more informed decisions while on the go, via digitizing and unifying inventory, contracts, load tickets and settlements into a single app. He holds a degree in economics from Yale University and spent time on Wall Street in commodity trade and analysis before starting Combyne. In 2017, Brennan was named to Fast Company’s List of Most Creative People in Business and, in 2018, a Henry Crown Fellow as part of the Aspen Institute. He is originally from Foam Lake, Saskatchewan where his family started farming the land nearly 100 years ago (and still does to this day on more than 80,000 acres!). Brennan’s comments on grain markets are regularly featured in everything from small-town newspapers to large media outlets like CNBC and Bloomberg.
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Subscribe to Market InsiderHeavy fund selling last week drove grain prices lower but some short covering helped the wheat complex limit its losses, despite a mostly bearish WASDE report from the UDSA last week.
The wheat complex was the winner for the week, with technical buying and short-covering supporting the three boards as the market is still factoring in the lower U.S. wheat acres suggested in 2024.
Grain markets were driven lower on Friday as larger-than-expected U.S. Grain balance sheet updates pushed the complex lower.
Grain markets were lower for the first week of trading in 2024. Selling by managed money in a quiet trading week pressured the complex.
Grain markets ended 2023 on a soft with quiet trading and minimal headlines kept the champagne corked.
Grain markets saw mixed results throughout the middle of December. Ongoing focus on weather in South America was competing with healthy export demand.