Grain Markets Post Higher Weekly Reversals: Will It Trigger a Bigger Rally?

The economists surveyed for the February Ag Economists’ Monthly Monitor expect net farm income to decline to $117 billion in 2024. In comparison, USDA projects that number to be $121.7 billion. More than 40% of the economists expect interest rates to fall no more than 1% this year, and 44% are becoming more pessimistic about any interest rate cuts in 2024.

Jon Scheve discusses the likelihood of a soybean rally and walks through his final 2023 soybean futures position.

Reports say China has bought more than 20 cargoes of feed grain in the past two weeks. No matter the source of the purchases, one thing is clear: China is stockpiling grain.