Market Signals Weekly Report

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

Discussion Items:

• Wheat and corn futures continue to slide lower with soybean trading in a range
• US farmer is a reluctant seller. Cash strong. U of IL est US 2023 net farm income down to $84,000
• Some Fed Governors hawkish comments weighed on equities and energies.
• Some feel higher Dollar, higher interest rates and lower China demand could weigh on commodity prices
• First China report Covid deaths in 6 months and possible lockdown of 3 key cities weighed on commodity prices
• Supply chain challenges with high freight, labor needs, low river water levels and possible RR strike could drop basis
• January soybeans dropped from $14.64 to $14.06 only to rally to $14.36. Most est US 2022/23 near 280 vs USDA 220
• March corn futures had a wide range of $6.53-$6.77 after missile attack on Poland. Most est US 2022/23 near 1,250 vs USDA 1,182
• March Chicago wheat futures dropped from $8.62 to $8.04 on Ukraine export corridor extension. US south plains still dry
• CBOT grain futures will be closed Thursday for holiday. Friday will be half day. Have a safe and happy holiday.

Performance Charts

Now you can review the price and performance history of the Market Signals group back to 2011.
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All price recommendations below are futures price references (not cash equivalents).