Agra Europe, March 17th, 2000
Long standing bearish supply/demand fundamentals were cast aside by US grain and oliseed futures markets this week as speculators bought into the theory that US crops could be decimated by a midsummer 'drought' of the sort which normally occurs only once in several years.
Funds and other outside investors were quick to respond to a series of high-profile, some say highly speculative, weather forecasts from US government officials (both the USDA and the Commerce Department) and the ensuing media feeding frenzy. The gist is that US maize and soya heartlands, already suffering lower than norma...
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