Grain market economist calls rally “unprecedented”
An Extension grain market economist is having a hard time describing the ongoing rally.
Ed Usset with the University of Minnesota tells Brownfield “unprecedented” might be one way considering what transpired between August and February.
“It was the strongest in March corn (and) March soybeans that we’ve had in 40 years at least. And that’s compared to some incredible years.”
What might even be more remarkable, he says, is what has occurred the past 10 trading days with corn and wheat gaining a dollar and soybeans up more than a dollar.
“What strikes me is the demand side of the equation. As great as it is, (it) really hasn’t changed over the last two weeks. It’s not like someone flipped up another card we hadn’t seen before. It’s the same story, but we’ve decided to take it higher.”
Usset resists predicting further upside potential, but he says it will probably take a fundamental like weather or export news that would pare demand just to slow the market down.