Farms.com Risk Management Chief Commodity strategist Moe Agostino believes the USDA gave farmers a gift in January when the USDA dropped the corn yield and ending stock estimates for the 24/25 marketing year.
"The January crop report was a gift,” proclaims Agostino. “It was a one in 20-year report that we may not see again for another 20 years. The funds were very short the grain complex and the USDA headline news was enough for them to cover their short positions in corn at -700,000 contracts and go long corn and drive the price of corn higher."