Morning Market Review for Jan. 21, 2021
Soybeans sink in overnight trading.
Source: farmprogress.com
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What drives price discovery?
Last summer, Jim McGivney watched corn prices plummet as ethanol demand fell and crop reports pointed to a 16 billion-bushel crop. “I was looking to 2021 and worried that if a vaccine wasn’t developed, how was I going to be able to market my corn? You can’t rent land here at $3.25 per bushel,” says the northwestern Illinois farmer. “It was a big crop all summer long — until those September USDA reports.” McGivney was hardly the only farmer in America perplexed by USDA’s abrupt revisions last fall. It seemed to many that markets were being taken on a wild ride, driven in large ...
Source: farmprogress.com