Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
Discussion Items :
- Market Signals recommends selling 2019 corn near 3.60 May.
- Market Signals recommends selling 2020 corn near 3.90 Dec.
- Market Signals recommends selling 2019 soybean near 9.40 May.
- Market Signals recommends selling 2019 Chicago wheat 5.69 ½ May.
- May Corn futures is trying to find support near $3.40. Market is concerned about U.S. ethanol demand.
- U.S. farmer is ready to plant the 2020 corn crop. Farmer selling old crop corn has increased.
- May soybean futures have rallied 76 cents on hopes of increase China demand.
- May soymeal futures have rallied $40 on concern about U.S., Argentina and China supply.
- Chicago May wheat futures have rallied 96 cents on concern about Black Sea supply.
- U.S. 2020 winter wheat crop ratings have improved over the last few weeks.
- U.S. packer beef processing margins are positive as domestic demand increases.
- Most now estimate that the U.S. economy will slow. Q1 GDP is est near zero. Q2 is est near -8.
- Saudi Arabia and Russia announced they will increase World crude oil production to gain market share.
- 30 day U.S. Midwest weather forecast is for normal rains and normal temps.
- Early trade estimates of U.S. 2020/21 soybean acres near 85.0 million acres vs. 76.1 last year.
- Early trade estimates of U.S. 2020/21 corn acres near 94.0 million acres vs. 89.7 last year.
- Early trade estimates of U.S. 2020/21 wheat acres near 45.0 million acres vs. 45.2 last year.