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 :

  • New Recommendations for week of November 13-17:
    • MPA recommends selling 10% of 2017 Minneapolis Wheat at $6.44 Dec. 2017 futures
    • MPA recommends selling 10% of 2018 Minneapolis Wheat at $6.52 Dec. 2018 futures
  • USDA report was negative corn, soybeans, and wheat.
  • South America 2018 crop weather is improving.
  • Funds are short corn and wheat. Soybean prices are now below support.
  • USDA raised 2017 Minn., N.D., and S.D. corn yields more than expected.
  • The large 2017 corn crop is testing available storage.
  • N.D. could see more spring wheat acres in 2018.
  • China needs to buy December soybean imports. Brazil is the best price currently.
  • U.S. final 2017/18 soybean exports could be lower than USDA estimate.
  • We could see a correction in SX/CZ price ratio.
  • U.S. 2018 soybean cash export prices are lower. Domestic corn basis is firming.
  • U.S. 2018 soft wheat crop outlook is favorable. Acres are up 5-10 percent.
  • Direction of U.S. dollar could be key for U.S. exports and future U.S. acres.