Market Signals Weekly Report

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

Discussion Items:

• Surprise USDA report rallied futures last week. Farmers sold the rally especially soybeans.
• Argentina and south Brazil remain dry. USDA dropped Argentina corn and soybean crop and Brazil corn crop.
• USDA failed to increase Russia and Australia wheat crop. This week Russia raised wheat crop to 104 mmt vs USDA 91.
• Lower US 2022 supply has firmed US domestic corn basis. US soybean crush margins remain positive.
• Wheat futures dropped last week from $7.58 to $7.20 only to rally back to near $7.55.
• Corn rallied from $6.50 to $6.87. USDA lowered US 2022 corn crop 200 mil bu and Dec 1 stocks were 350 mil bu below trade estimates.
• Soybean futures rallied from $14.88 to $15.41. USDA lowered US 2022 crop 70 mil bu and Dec 1 stocks were 110 mil bu below trade estimates.
• Corn and soybean futures are becoming overbought. Wheat futures may be near the lower end of a trading range.
• USDA lowered US corn exports 150 mil bu to keep carryout at 1,242. USDA dropped soybean exports 55 to keep carryout at 210
• Weakening of La Nina could suggest normal US spring and summer weather and above trend US 2023 corn and soybean yields.

Performance Charts

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).