Not totally that bad if you were betting short, or like livestock. But let’s count the ways:

New contract low in corn New contract low in soybean meal New contract low in HRW New contract low in HRS New contract low in Paris wheat

What caused all of these exits? First and foremost was USDA’s forecast at its annual Outlook Conference. Basically, historically large carryover stocks for corn, wheat, and soybeans. The expected planted acres were not too surprising:

Corn: 91 million acres, down 3.8 percent Soybeans: 87.5 million acres, up 4.7 percent Wheat: 47 million acres, down 5.2 percent

There is some caution in that the corn-soybean ratio is small enough that farmers wanting to stay in their normal rotation m...