May grains market analysis
After an extended period of historically low volatility the agricultural futures markets have sprung back to life. They have been driven by what we call The Two W’s, weather and Washington. Late spring and summer weather in the northern hemisphere is always important for our markets, but the severe problems in Brazil and Argentina have raised the stakes considerably. The world corn carryout:use ratio for 2018-19 is the lowest in 45 years and the soybean ratio will be the tightest in five years.