Clayton Pope Commodities President Clayton Pope expects the grain markets to remain firm longer term now that the January report is out of the way. Pope wonders if the details of the report even matter given the amount of outside money coming at this market. “Clearly funds had a huge bias to continue buying corn. They’ve definitely cooled their jets on the soybean buying in the last three to four weeks, but it’s very possible the agenda is such they want to buy regardless of the numbers.” Pope expects traders on both sides of the market to question the accuracy of the report. “The USDA has come under severe fire in the last few years for missing the mark so badly on those and then, only six months later, coming back with a number not inline with previous indications without explaining it. There’s some skepticism on credibility.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.