Market Signals Weekly Report

The following are comments and discussion items from the weekly conference call of the Market Signals Team.

Discussion Items:

• Corn, soybean wheat futures rallied on concern about US and EU weather and China buying US soybeans.
• Managed funds continue to be reluctant buyers of grains futures due to inflation concerns and US Fed raising interest rates.
• Last week, September corn futures rallied from $5.83 to $6.16 on a US SW Midwest warm and dry forecast. EU is buying US corn.
• Trade estimate US 2021/22 corn carryout near 1,615 versus USDA 1,510 and 2022/23 near 1,512 vs USDA 1,470.
• Last week, September soybean futures traded from $13.90  to $14.78 on China buying US and Brazil soybeans.
• US futures and cash soybean crush margins pushed higher. US new Green energy bill could add to soy oil demand and more US acres.
• Trade estimate US 2021/22 soybean carryout near 235 versus USDA 215 and 2022/23 255 vs USDA 230.
• Last week, September Chicago wheat futures rallied from $7.52 to $7.93 on increase World importer demand.
• US corn crop was rated 60 pct G/E , soybeans 59 pct G/E and spring wheat 70 pct G/E. US WW harvest is est near 89 pct.

Performance Charts

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All price recommendations below are futures price references (not cash equivalents).