Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
Discussion Items :
- MS recommends selling 10 percent 2021 soybean near 9.75 SX21.
- MS recommends selling 10 percent 2021 corn near 3.90 CZ21.
- USDA dropped U.S. 2020 corn crop to 14,900 million bushels and carryout to 2,503.
- Managed funds added to net corn long. U.S. Farmer remains reluctant seller of corn.
- Recent wet and cold U.S. Midwest weather has slowed maturation and could slow harvest.
- China buying U.S. corn has helped support futures to near season highs.
- USDA dropped U.S. 2020 soybean crop to 4,313 million bushels and carryout to 460.
- Managed funds added to almost record net soybean long. U.S. Farmer is a good seller of soybeans.
- China buying U.S. soybean has helped push futures to new season highs.
- USDA increase World wheat supplies but lack of Russia farmer selling has helped support futures.