We ended the month of February with many of our agricultural markets at or near six-year lows. In most cases our move to these levels has been gradual. In fact, soybean futures just logged their narrowest monthly trading range in a decade. Implied volatility has responded in kind with soybean, wheat and corn volatility all trading at multi-year lows.
The last couple of weeks of production have confirmed that the December Hogs and Pigs report was right in its call that we are now past the worst of the expansion ba
