Morning Ag Markets – Pete Loewen
In the grain and oilseed trade, we got a little breather from the relentless selling that’s been so prevalent lately. Wheat managed double digit higher closes in a few contract months, corn was mildly higher and beans were mixed with pressure on new crop and mildly higher old crop closes. Managed money is still at or really close to record short both corn and beans and that’s been a dark cloud looming over grains lately. One could easily make an argument that specs are so heavily weighted on the sell side that downside should be limited from here, but if there’s one thing I’ve learned from the past, it’s that records are made to be broken and sometimes they are broken by a wide, wide…