Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
- US grain futures dropped from May highs on favorable US weather and lower demand for US exports.
- On Monday, Grain prices rallied led by July corn and July soybeans due to early concerns about US weather.
- SN3 dropped from $14.00 to $13.04 following a bearish USDA report but rallied to $13.44 on short covering.
- CN3 dropped from $5.92 to $5.47 after USDA report then rallied to $5.75 on firm US domestic basis.
- WN3 dropped from $6.60 to $5.96 only to rally to $6.13 on global weather worries.
- KWN3 dropped from $8.98 to $8.07 on demand worries but bounced to $8.30 on new weather worries.
- Managed funds are estimated to be net short 130,000 Chicago wheat, 144,000 corn and 27,000 soyoil.
- Managed funds are estimated to be net long 21,000 soybeans and 49,000 soymeal.
- Last year this week Managed funds were net long 722,000 total grain and soycomplex futures.
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All price recommendations below are futures price references (not cash equivalents).
Chicago Wheat 2023-crop
Chicago Wheat 2024-crop
KC Wheat 2023-crop
KC Wheat 2024-crop
MPLS Wheat 2022-crop
MPLS Wheat 2023-crop
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