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 :

  • USDA estimated U.S. 2019 corn planted acres near 90.0 vs. 91.7 previous and 88.0 expected.
  • USDA estimated U.S. 2019 corn yield near 169.5 vs. 166.0 previous and 164.9 expected.
  • USDA estimated U.S. 2019/20 corn carryout near 2,181 million bushels vs. 1,620 expected and 2,010 previous.
  • Corn futures traded down the 25 cent daily limit. USDA numbers could send prices lower.
  • USDA estimated World corn end stocks near 307.7 million metric tons vs. 290.1 expected and 328.6 last year.
  • USDA estimated U.S. 2019 soybean planted acres near 76.7 vs. 80.0 previous and 81.0 expected.
  • USDA estimated U.S. 2019 soybean yield near 48.5 vs. 48.5 previous and 47.6 expected.
  • USDA estimated U.S. 2019/20 soybean carryout near 755 million bushels vs. 821 expected and 795 previous.
  • USDA lowered China soybean imports to 85 million metric tons vs. 83 this year and 94.1 last year.
  • Soybean futures traded down the 12 cents. USDA numbers could send prices lower.
  • USDA estimated World soybean end stocks near 101.7 million metric tons vs. 104.8 expected and 114.5 last year.
  • USDA estimated U.S. wheat crop near 1,980 million bushels vs. 1,925 expected and 1,884 last year.
  • USDA estimated World wheat end stocks near 285.4 million metric tons vs. 284.0 expected and 275.5 last year.
  • Chicago wheat futures traded down 25 cents. USDA numbers could send prices lower.
  • USDA rated the U.S. corn crop 57 percent good/ex vs. 57 last week and 70 last year.
  • USDA rated the U.S. soybean crop 54 percent good/ex vs. 54 last week and 66 last year.