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 :
- Wet U.S. Midwest weather has pushed prices higher. Corn is above key resistance.
- Wheat and soybean futures are following higher due to concern over lower U.S. supply.
- Some feel U.S. corn acres could drop 3-4 million due to wet conditions.
- Same group could see a 3-5 bushel per acres drop in final corn yield.
- No new word concerning the U.S. and China trade deal. The U.S. could soon increase tariffs.
- Managed funds are net short 210,000 corn contracts, 168,000 soybean and 70,000 wheat.
- First resistance for July soybean is near $8.63, November resistance is near $8.80.
- First resistance for July corn is near $4.10, December resistance is near $4.23.
- First resistance for July Chicago wheat is near $5.00.
- New Recommendations:
- MPA recommends selling 10 percent of 2018 corn near $4.20.
- MPA recommends selling 10 percent of 2018 corn near $4.30 versus 5 percent.
- MPA recommends selling 10 percent of 2018 soybeans at $9.00.
- MPA recommends cancelling 10 percent 2018 soybeans at $9.65.
- MPA recommends selling 10 percent of 2019 soybeans at $9.00.