Marketing Partners Advisory: Weekly Conference Call Recap
The following are comments and discussion items from the weekly conference call of the recommendations group of Marketing Partners Advisory.
Discussion Items :
- Grain and oilseed futures continue to trend lower due to talk of higher 2019 World supplies.
- Managed funds continue to add to record corn futures short and combined grain and oilseed short.
- Lack of a new U.S. and China trade deal continues to weigh on grain prices.
- The U.S. Midwest weather is expected to improve over the next few weeks.
- USDA Crop Progress report:
- 6% U.S. 2019 corn crop is planted versus 12%average and 7% analyst estimated.
- 5% U.S. 2019 spring wheat crop is planted versus 23%average and 7% analyst estimated.
- U.S. 2019 winter wheat crop is rated 62% good/ex vs 31% last year and 60% analyst estimated.
- Early estimates of the 2019 U.S. soybean crop are 4.300 million bushels vs 4.544 last year.
- Early estimates of the 2019 U.S. corn crop are 15.100 million bushels vs 14.420 last year.
- Early estimates of the 2019 U.S. wheat crop are 1.935 million bushels vs 1.884 last year.
- Drop in futures prices slowing U.S. farmer selling which is firming domestic corn and soybean basis.