On paper, this market should be rallying. Corn carryout is tight—if yields are perfect. Soybean stocks leave no margin for error. Cattle fundamentals remain strong. But none of it matters right now. This week on Hedge Heads, Jon Prischman and Ryan Tungseth unpack the disconnect between supportive numbers and relentless selling.
Funds are loaded on the short side, volatility is gone, and the market is trading weatherless and fearless. Even a fake screwworm story was enough to break cattle—and it didn't bounce. In grains, cash is stable, but the board is bleeding. Why? Because positioning is driving sentiment, not supply and demand.
