Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
Discussion Items :
- No new cash recommendations.
- Wheat and corn prices rallied Tuesday on hopes of new China buying.
- Wheat prices also rallied on lower Australia crop and concern about African locust.
- Soybeans closed lower on talk of higher South America crops and delay China buying.
- Weekly U.S. soybean exports were near 36 million bushels vs. 39 last year. Season to date exports are near 1,038 million bushels vs. 875 last year. USDA goal is 1,825 vs. 1,748 last year.
- Weekly U.S. corn exports were near 31 million bushels vs. 37 last year. Season to date exports are near 484 million bushels vs. 952 last year. USDA goal is 1,725 vs. 2,065 last year.
- Weekly U.S. wheat exports were near 18 million bushels vs. 13 last year. Season to date exports are near 651 million bushels vs. 578 last year. USDA goal is 1,000 vs. 936 last year.
- USDA will issue new U.S. corn, soybean and wheat 2020/21 supply and demand on Friday.
- Average guess for U.S. 2020 corn acres is 93.6 million versus 89.7 last year.
- Average guess for U.S. 2020/21 corn carryout is 2,496 million bushels versus 1,892 this year.
- Average guess for U.S. 2020 soybean acres is 85.0 million versus 76.1 last year.
- Average guess for U.S. 2020/21 soybean carryout is 533 million bushels versus 425 this year.
- Average guess for U.S. 2020 wheat acres is 45.2 million versus 45.2 last year.
- Average guess for U.S. 2020/21 wheat carryout is 845 million bushels versus 940 last year.