Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
- Hurricane Ida caused electric outages at US gulf export terminals. A few will be operational soon
- Tropical storm Nicholas could drop heavy rain along TX coast, LA and US Delta
- Farmer selling has slowed. Some feel cash market will need corn and soybean which suggest higher basis narrow spreads.
- Technical chart selling accelerated below key prices. Some feel corn, soybean and wheat are oversold but direction is still lower
- Weekly US corn and soybean exports were well below average and last year due to lack of gulf exports
- USDA est US Sep corn yield near 176.3 vs 174.6 in August. Soybean yield 50.6 versus 50.0 in August
- USDA est US 21/22 corn exports near 2,475 mil bu vs 2,775 last year. USDA est carryout 1,408 vs USDA 1,242
- USDA est US 21/22 soybean exports near 2,090 mil bu vs 2,260 last year. Crush 2,180 vs 2,140. USDA est carryout 185 vs USDA 155
- USDA estimates US 21/22 wheat carryout near 615 mil bu vs 627. World 21/22 wheat end stocks 283 mmt vs 292 last year
- USDA rates US corn 59 G/E, soybeans 57 G/E, corn harvest 5 pct and US winter wheat planting 12 pct.
- US Midwest is dry.
- Market needs more US 2022 corn, soybean, wheat, sorghum, oat and canola acres. Higher fertilizer and energy cost could drop farmer profits
Now you can review the price and performance history of the Market Signals group back to 2011.
Click Unsold pieces to reveal Recommendations, when applicable.
All price recommendations below are futures price references (not cash equivalents).
Chicago Wheat 2021-crop
Chicago Wheat 2022-crop
KC Wheat 2022-crop
MPLS Wheat 2021-crop
MPLS Wheat 2022-crop
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