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 cash recommendations.
- Rumors of U.S. imposing sanctions on additional China imports offered resistance.
- Early C IL corn and soybean yields are better than expected.
- West Midwest corn and soybean basis continue to weaken.
- USDA est U.S. corn yield near 181.3 vs 176.6 last year, carryout 1,774 vs 2,002 last year.
- USDA est U.S. soybean yield near 52.8 vs 49.1 last year, carryout 845 vs 395 last year.
- USDA est World wheat crop near 733 million metric tons vs 758 last year, U.S. carryout 935 million bushels vs 1,100 last year.
- China swine flu continues to spread. Could reduce feed demand.
- Russia increasing restrictions for wheat export quality. Could slow export pace.
- Managed funds adding to corn and soybean net short and reducing wheat long.