Markets - General
The supply-and-demand outlook already suggested profit potential into 2022/23 (not continuously high prices, but profit opportunities).
Cotton futures rose on Wednesday supported by concerns that dry weather in West Texas, the largest U.S cotton-producing region, may weigh on U.S supplies of the crop.
U.S. soybean futures edged higher on Tuesday as harvest delays in Brazil stoked concerns about short-term supply disruptions.
Cotton futures slumped more than 3% on Thursday as a U.S. government report showed a sharp slide in weekly export sales, putting prices of the natural fiber on course for their third straight weekly decline.
A state-by-state breakdown of the acreage report shows North Dakota farmers plan to increase corn acres by 69% over 2020, but even with the large increase, U.S. Farm Report analysts say there are still acres missing.
Lean hog futures finished slightly higher Tuesday. The strengthening U.S. dollar may be a factor, but there are also other fundamentals playing into the market.
Just a day ahead of two major USDA reports, soybean prices slid. The May contract closed 26 cents lower on Tuesday, with prices settled at $13.66. Corn saw similar action on the CME Tuesday.
The March 31 Prospective Plantings and Grain Stocks reports are known for a surprise or two, as well as causing some price volatility.
Hard late-March rains in Argentina have set the stage for smooth wheat and barley sowing, but the storms arrived too late to help corn and soy yields in areas that had been pounded by months of dry weather.
U.S. quarterly stock data from USDA has long been known to create waves in the market, but the recent reports have felt tsunami-like due to some unusually large and unexpected adjustments to previous numbers.