Ag commentary

The markets settled unchanged after a two sided trade. The weather going forward is key. I am a bit surprised that most commentaries want to buy the market. Or at least not be short. The world is awash with record surplus. record surplus. And growing.  The demand has been very excellent. But we continue to grow supply. The next story will be that we are moderating growth. Which could be the case. GIVEN THE TIME OF YEAR, AND THE FACT WE HAVE JUST HAD A REASONABLE MOVE DOWN. EXERCISE CAUTION.  I however remain bearish. And think we could witness a further move lower.

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