Agriculture futures experienced significant declines in June, marking the worst month in two years. Corn prices fell below $4.00 for July and September contracts, driven by bearish USDA reports and favorable weather conditions. The Bloomberg Agriculture Index dropped 4.7% in Q2, with hedge funds selling 145,000 contracts in the largest weekly outflow since April 2023. Non-commercial speculators reached a record net short position in bean oil, and overall, funds are the shortest they've been in four years, with a net short position of $15.0B. Weather forecasts, ample ground moisture, and soft demand contributed to the bearish trend, which has continued since March 2023. The strong U.S. dollar and seasonal factors also played a role.
🌽 #Ags this week: Funds dumped ag futures last week 📉 and are now the shortest they've been in four years. Last Friday's USDA stats were bearish for Corn and supportive for Soybeans. The macro is mixed. Weather looks good 🌦️. U.S. Independence Day Thursday, NFP jobs Friday 📊. https://t.co/6XvO430mWf
#Commodity markets were a roller coaster ride during Q2. 🎢#Agriculture markets had a tough time overall; the Bloomberg Ag Index dropped -4.7% in Q2. 📉 Looking forward, traders are watching July weather forecasts and for signs of better demand at lower prices. 🌦️ https://t.co/R3nocRqZsu
June was the WORST month for #agriculture futures in two years. #AG #wheat https://t.co/fae7fOaVib
June was the WORST month for #agriculture futures in two years. 🌾📉 Why? Good weather, ample ground moisture, soft demand, the strong U.S. dollar, and bearish seasonals. 🌦️ 💵 https://t.co/rHKvsw6fqR
#Hedgefunds SOLD -145k contracts of #agriculture futures during last week's COT report window, the LARGEST weekly outflows since April 2023 📉. The drivers: Good weather forecasts, ample ground moisture, soft demand, the strong U.S. dollar, and bearish June seasonals. 🌦️ 💸 https://t.co/b6RFctliGc
Big BEARISH bets in Bean Oil 📉 : Non-Commercial speculators are now RECORD net short (-114k contracts) with a RECORD gross short leg (-177k contracts). 🌱 https://t.co/AMbEzT2ci3
#Hedgefunds DUMPED #agriculture futures 📉 for fundamental reasons (weather, demand) 🌦️ and non-fundamental reasons (dollar, seasonals) 💸 last week and now have the LARGEST net short position in 4+ years at -622k contracts (-$15.0B). 🚜 https://t.co/cPsB922vKN
#Corn + #Soybeans + #Wheat Continuous: 🌽🌱🌾 = Lowest since Nov 2020. Bearish trend continues to confirm & has since Mar 2023. https://t.co/wAJFdahM0L
#Corn & #Soybeans Stocks v Ests https://t.co/tZWy9UfPoA
#Corn getting smoked following the USDA July & Sep corn below $4.00 If we close here, would be the biggest single day loss in corn since last summer https://t.co/IWPHb6dagV