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 :

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  • 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.