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 :
- No new recommendations this week.
- August record NOPA crush for soybeans at 168.1 M bushels was above trade expectations and supports USDA increase of 20 M bushels for crush on last week’s report.
- China has purchased 18 M bushels of soybeans from the U.S. over the last few days in good faith to getting an agreement done. Both China and U.S. have held off new tariffs in an effort to work closer for a trade agreement.
- Export inspections for the week were in line with expectations.
- Crop conditions report shows corn is 55% good-to-excellent which is unchanged from last week and soybeans slid one percent to 54% good-to-excellent.
- Sixty-eight percent of the corn crop is dented which is well behind the 5 year average of 87%, and 15% of the soybeans are dropping leaves versus the 5 year average of 38%.
- Wet weather in the NW corn belt is pushing back harvest. Dry soils in the eastern corn belt are causing concern that the last several weeks of dry weather have reduced yield potential on the later planted crops with shallow root systems.