Wayne Bacon of Hammersmith Marketing LTD of France specializes in grains and protein meals for the feed industry in Africa, Asia, the Mediterranean and the Middle East as well as consulting on grain purchases, contracts, disputes, arbitration and mediation. He has been working in the world grain trade all of his adult life. He is 80+ years old. On Wayne's Saturday's weekly report, he wrote:
I was at GrainCom 2022 in Geneva this week and didn't hear any positive reports or see any smiling faces. Most opinions were that come August/September the world grain situation will probably be worse than it is today – this due to Black Sea problems, drought reduced crop yields in Europe and the USA and perhaps India along with very strong grain/oilseed import demand from a very large number of countries. Tough times to the end of 2022 and beyond.
Before you buy back all the contracts you have sold and mortgage the farm to buy all the futures your broker will let you buy, read this carefully and ponder these points:
Everything Wayne wrote is already known by everyone in the grain business and most people outside the grain business.
Cardinal Rule of Commodity marketing: