A massive supply of grains has shielded the futures markets from the impact of f...
CHICAGO - A massive supply of grains has shielded the futures markets from the impact of flooding in the U.S. Midwest so far, with traders largely shrugging off this week’s reports of destroyed storage bins, swamped elevators and questions about if waters will recede in time for planting.
“If we lost 50 million bushels of beans, would it matter?” asked Grisafi. “If 100 million bushels of corn were gone, would it matter?”The U.S. Agriculture Department’s latest report on U.S. grain stocks showed that domestic soybean supplies stood at a record 3.736 billion bushels as of Dec. 1, 2018. Concerns about the flooding did prompt some investment funds, who are holding big short positions on grains, to begin unwinding some of those bearish bets on Thursday. But the gains remained muted, particularly in comparison to the market’s response to previous natural disasters.
“It is just a little bit early,” said Greg Grow, director of agribusiness at Archer Financial Services. “This becomes a bigger issue in about a month.”In mid-May 2011, floods in some of the same areas sparked a weekly rally of 11.4 percent in corn, 10.8 percent in wheat and 3.8 percent in soybeans.
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