Bloomberg’s US grains index, record low…

March 8, 2019 by Jim Colburn Leave a Comment

My first official job out of college was as a grains analyst for the USDA… I don’t follow grain markets closely anymore but I was interested to see the following long term chart of Bloomberg’s grain index via The Daily Shot, here… I like the long term perspective when talking about “another record low”…

Note the mid 70’s spike called the “great grain robbery” was caused by the Soviet Union quietly buying up massive amounts of US wheat… This, in part, led to a revamping of the way the USDA developed and reported world supply/demand estimates for grains and resulted in the World Agricultural Outlook Board… The WAOB, within the USDA, taps top analysts from different parts of the USDA to estimate supply/demand for various agricultural products… I worked there from 1981 to 1983 and was one of my favorite jobs of all time… It confirmed my suspicions that I was becoming a commodity “market junkie”.

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