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 :
- MPA recommends selling 10% of 2019 corn near $4.05 December 2019 futures.
- The lack of a new U.S. and China trade deal offers resistance to prices.
- Rumors of China interest in U.S. corn triggered some end-user buying through September.
- Managed funds are record net short corn and combined grains and oilseeds.
- Technical charts remain oversold and vulnerable for a demand or lower supply rally.
- Nebraska flooding is slowing cash movement and farmer selling.
- U.S. Midwest 30- and 60-day weather forecasts suggest above normal rains for central states.
- Historically, years of late planted U.S. corn do not rally until June.
- On March 29, USDA acres report should show higher corn, lower wheat and soybean acres than last year.
- On March 29, USDA March 1 stocks report should show lower corn, higher wheat and soybean stocks than last year.