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:
- Sell 10% of Nov. 2019 soybeans at $9.75
- Sell 5% of Dec. 2018 corn at $4.10
- Sell 10% of Dec. 2019 corn at $4.15
- Harvest has slowed significantly in the west and northwest corn belt. Currently, good forecasts have provided hope for a good harvest window opening up.
- NOPA Crush for September 2018 was a record 160.8 million bushels.
- Weekly USDA export inspections for soybeans were 42.5 Million bushels and well above trade expectations. Included in this report, over 5 million bushels of soybeans was destined for China.
- USDA WASDE Report (released on Oct. 11) was friendly to grain prices with yields and ending stocks below trade expectations. Demand continues to build in world for grain.
- Spring wheat basis is appreciating and futures appear to be leading the wheat futures higher in KC and Chicago.
- Wheat planting delays are occurring in the plains, but timely wheat planting is expected. Isolated replanting is also expected. More wheat acres than last year are expected.
- Corn and soybean yields are solid but not record-setting in all areas.
- There is continued discussion about field-damaged soybeans being brought to market, especially from the southern part of the corn belt.
- Technically, Dec. 2018 corn resistance is $3.87 and Nov. 2018 soybeans at $9.00 & $9.22.