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.