On Monday, August 12, the US Department of Agricultural released its August World Agricultural Supply and Demand Estimates report. The August report comes at a time when the growing season across the fertile plains of the US and the northern hemisphere is entering its final weeks. The fall harvest is right around the corner.
The kneejerk reaction to Monday's WASDE report was bearish as the prices of most agricultural commodities declined. The trade and currency war between the US and China continue to distort prices. The US is the world's leading producer and exporter of