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 has no new cash sell recommendations.
- USDA October crop report bullish soybeans and bearish corn.
- U.S. announced phase 1 of a trade deal with China. Details are lacking.
- Winter storm could lower U.S. corn and soybean crops especially in North Dakota.
- U.S. soybean harvest is near 34 percent done vs. 49 average. Crop rated 52 percent good/ex.
- U.S. corn harvest is near 23 percent done vs. 36 average. Crop rated 55 percent good/ex.
- U.S. Midwest 2-week weather forecast mostly dry with temps near normal.
- South America crop weather mostly favorable. Brazil soybean planting behind normal.
- Funds are long soybean and short Chicago wheat and corn futures. Index funds buying soybeans.
- Chicago wheat futures traded over 200 day moving average for the first time since June.
- Central Midwest corn and soybean basis firm year over year on late harvest.