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 :
- Funds have liquidated out of corn and soybean longs. There are no new cash recommendations.
- Rains in Argentina and the U.S. South Plains may stabilize crops there.
- Concern about U.S trade and renewable fuel standard policy may be weighing on prices.
- The market may be in transition from South America weather to the U.S.
- NOAA 3-month U.S. Midwest weather suggest normal to above temps and normal rains.
- The USDA 2018 outlook for corn acreage is 90.0 million acres vs. 90.2 last year.
- The USDA 2018 outlook for soybean acreage is 90.0 million acres vs. 90.1 last year.
- The USDA 2018 outlook for wheat acreage is 46.5 million acres vs. 46.0 last year.
- Trade could see U.S. March 1, 2018 corn stocks near 8,750 mil. bu. vs. 8,622 last year.
- Trade could see U.S. March 1, 2018 soybean stocks near 2,055 mil. bu. vs. 1,739 last year.
- Trade could see U.S. March 1, 2018 wheat stocks near 1,455 mil. bu. vs. 1,659 last year.
- The Brazil 2018 soybean crop could be higher than USDA estimates.
- U.S. farmer selling has slowed on lower prices.