Through the 2H February, spot corn and wheat prices underwent the largest selloff since early December on an optimistic 2023/2024 production outlook and concerns surrounding the macroeconomy. This is certainly a positive development for those hoping food inflation, which remains at sky high levels, could show signs of easing. Nonetheless, prices have attempted a small rally through early-March, a reflection the market could be oversold. Seaborne trade flows, especially for corn, struggled mightily in February, pacing well under year earlier levels. This update dives into the specifics.
