| IN555 - 3/28/2026 08:34
At 280k long corn and 191 long beans (net) the funds have pushed to a large position meanwhile the fundamentals of grains have not changed. Higher prices are likely reducing demand and the acreage report Tuesday will likely show we will have plenty of acres of both so some position squaring ahead. The play has been this war with higher energy is inflationary but I would argue that higher energy costs to the consumer is deflationary to everything else. This isn't a change of the money supply like the 70's and covid but the markets have been making it out to be a similar inflationary event. The risk imo is higher energy causing a recession. I am not a believer that any impacts on fertilizer is going to have any meaningful impact on 2026 grain supply.
I think its regional dependent. From what I hear the Dakotas may not have their N.
For me on the east coast, I currently only have enough for 80% of my acres as that is all the liquid storage capacity that I had. Most around me can only hold 50% or less. Topdress with AMS or Urea for May is going to be the kicker.
All my P and K was fall applied so not worried about the 26' crop there. The 27 crop may be a different story. |
Friday grain market
