Market Report 24th August 2018
Markets break sharply lower as funds continue to liquidate positions absent new supportive input. US ProFarmer Tour places average corn yield at 177.3b/a, relative to 178.4b/a from USDA. Historically the tour has been 2.4b/a lower than the USDA’s September estimate, implying final yields may approach 180b/a. Fridays COT report showed US funds reduced positions less than expected, despite the market sell-off. Though numbers only reflect trade to Tuesday. CH+KS Wheat (+125k) Co