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Market Signals Weekly Report

The following are comments and discussion items from the weekly conference call of the Market Signals Team.

Discussion Items :

  • MS has no new cash recommendations.
  • U.S. stocks, U.S. dollar, crude oil and gold futures trading higher.
  • Managed funds added to their net short corn futures but reduced soybean longs.
  • The U.S. 2 week Midwest weather forecast is normal temps and normal rains.
  • USDA next report is August 12. This is the first official summer crops estimate based only on farmer surveys.
  • Trade now estimating U.S. 2020 corn yield near 182.0 and soybean yield near 52.0.
  • U.S. farmer remains reluctant seller of especially new crop corn which is firming cash basis in areas.
  • September soybean futures are near $8.70. China buying U.S. soybeans is supportive but the big U.S. and Brazil crop is negative.
  • September corn futures are near $3.11. Fundamentals are bearish but the key to market direction is if the U.S. farmers have enough storage.
  • September Chicago wheat is near $4.91. Talk of higher Russia, Australia and Canada crops offer resistance.
  • Q4 demand for U.S. corn and soybean exports is improving.

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