Independent Strategy

Grains – long term bullish but standing aside for now

We reduced our longs in grains last month following the agreement between Russia and Ukraine to allow the shipment of Ukraine wheat exports. However, world grain supply remains tight; and stocks are historically low. We expect prices to resume a steady upward trend. For the moment, however, we are not restoring our longs until upcoming harvests and the prospects of war disruption are clearer.

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