- Monday, January 15 is another US holiday, giving us an opportunity to take one last look back at USDA's data dump last Friday.
- Much was said and written over the weekend, most of it trying to make the perm-bulls in agriculture feel better about markets.
- The reality, though, is real fundamentals aren't always bullish.
As most of you know, I will be the last person in the industry defending monthly USDA WASDE reports. If it were up to me, these would’ve been done away with decades ago. As I’ve talked about more times than I can count, these reports are not about fundamentals, transparency, or evening the playing field. These reports are about generating trade volume. That’s all. And as we can see from this past Friday’s trade volume numbers in grains, the folks at USDA could raise a toast to another job well done.
