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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. equities rallied on hope of better U.S. economic data. U.S. dollar traded lower.
  • Key to U.S./World financial markets will be U.S. Q3 and Q4 economic data.
  • Virus could be impacting World wheat import demand, Argentina economy.
  • July Corn futures remain near 3.19. Lower U.S. ethanol demand offers resistance.
  • Some doubt December corn can trade much over 3.40 without a weather problem.
  • Some feel higher U.S. 2020/21 corn supply could trade Dec corn below 3.00 by the fall.
  • U.S. ethanol grind slowly increasing. Managed funds near record short corn futures.
  • July soybean futures are near 8.47. Large unknown is amount U.S. soybeans China buys.
  • Some doubt November soybeans can trade over 8.80 and could trade lower into the fall.
  • U.S. Midwest weather is favorable for U.S. 2020 corn and soybean crops.
  • KC, MN and Chicago wheat futures continue to trade near season lows.
  • Recent rains have improved C and NW KS wheat crop. SW KS, CO and OK panhandle crops are lower.
  • U.S. farmer remains a reluctant seller of corn, soybean and wheat until more is known about 2020 crops.

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