Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
Discussion Items:
- US soybean and wheat futures dropped from May highs on lower demand for US exports.
- Corn futures rallied from recent lows on concern about US spring weather.
- SN3 dropped from $13.50 to $12.94 on a bearish longterm US Midwest forecast.
- CN3 rallied from $5.47 to $6.06 on firm US domestic basis only to drop Monday on better weather forecast.
- WN3 dropped from $6.24 to $5.88 on slowdown in demand for US wheat.
- KWN3 dropped from $8.58 to $7.78 on demand worries.
- Managed funds are estimated to be net short 120,000 Chicago wheat,91,000 corn and 30,000 soyoil.
- Managed funds are estimated to be net long 8,000 soybeans and 77,000 soymeal.
- USDA NASS released 92% corn is planted with 69% good to excellent. Planting pace is what trade expected, but condition is 2 points below pre-report estimates.
- Soybeans planted is estimated at 83% planted with trade estimating 82%.
Performance Charts
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Corn
Soybeans
Wheat
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2023-crop

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Chicago Wheat 2023-crop
Chicago Wheat 2024-crop
KC Wheat 2023-crop
KC Wheat 2024-crop
MPLS Wheat 2022-crop
MPLS Wheat 2023-crop

Recommendations
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