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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 :

  • Several new recommendations this week. Please click on the View Performance Charts button below to review them.
  • USDA U.S. corn and soybean acreage report was bullish and Futures rallied allowing U.S. farmer selling.
  • Managed funds covered some of their record short corn futures.
  • They increase soybeans long and short wheat.
  • Today’s price action suggest corn futures is up against resistance.
  • Soybean future also suggesting a short-term top.
  • Two week U.S. Midwest weather forecast is above normal temps and below normal rains.
  • 40 percent of central Midwest could miss rains over next 2 weeks.
  • China flooding rains could drop their corn, soybean and rice supplies.
  • September soybean futures are near $8.98 with a large unknown in the amount of U.S. soybeans China buys.
  • September corn futures are near $3.46 with bearish fundamentals. Key is U.S. summer weather.
  • KC, Minn and Chicago wheat futures continue to trade near season lows. Sep Chicago wheat is near $4.93.
  • North Midwest farmers have sold 75 percent old crop soybeans and 10 percent 2020 new crop.
  • North Midwest farmers have sold 65 percent old crop corn and less than 5 percent 2020 new crop.
  • South Plains wheat farmer selling new crop. Summer crops under stress due to hot/dry weather.
  • Increase cases of virus in U.S./Europe/South America could slow raw material demand.

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