Salient to Investors:
Corn and soybean traders are bullish for a 15th consecutive week. Hedge funds are holding the biggest bet on higher corn prices since September and almost the largest bet on soybeans since at least 2006.
24 percent of U.S. corn crop and 29 percent of soybeans were in good or excellent condition as of July 29, the lowest rating for the date since 1988.
Heat waves in Europe are damaging crops from Italy to Russia. As many as 400 of India’s 627 districts received lower-than-average rainfall this year.
Bayram Dincer at LGT Capital Management said a higher degree of stimulus is needed to support commodity demand and prices – EU austerity measures and unsolved debt problems will cap commodity prices due to slower demand growth.